Carbon Price Forecasting Approach Based on Multi-Scale Decomposition and Transfer Learning

Accurate carbon price forecasting is essential to provide the guidance for production and investment.Current research is mainly dependent on plenty of historical samples of carbon prices,which is impractical for the newly launched carbon market due to its short history.Based on the idea of transfer learning,this paper proposes a novel price forecasting model,which utilizes the correlation between the new and mature markets.The model is firstly pretrained on large data of mature market by gated recurrent unit algorithm,and then fine-tuned by the target market samples.An integral framework,including complexity decomposition method for data pre-processing,sample entropy for feature selection,and support vector regression for result post-processing,is provided.In the empirical analysis of new Chinese market,the root mean square error,mean absolute error,mean absolute percentage error,and determination coefficient of the model are 0.529,0.476,0.717%and 0.501 respectively,proving its validity.

A Multimodel Transfer-Learning-Based Car Price Prediction Model with an Automatic Fuzzy Logic Parameter Optimizer

Cars are regarded as an indispensable means of transportation in Taiwan.Several studies have indicated that the automotive industry has witnessed remarkable advances and that the market of used cars has rapidly expanded.In this study,a price prediction system for used BMW cars was developed.Nine parameters of used cars,including their model,registration year,and transmission style,were analyzed.The data obtained were then divided into three subsets.The first subset was used to compare the results of each algorithm.The predicted values produced by the two algorithms with the most satisfactory results were used as the input of a fully connected neural network.The second subset was used with an optimization algorithm to modify the number of hidden layers in a fully connected neural network and modify the low,medium,and high parameters of the membership function(MF)to achieve model optimization.Finally,the third subset was used for the validation set during the prediction process.These three subsets were divided using k-fold cross-validation to avoid overfitting and selection bias.In conclusion,in this study,a model combining two optimal algorithms(i.e.,random forest and k-nearest neighbors)with several optimization algorithms(i.e.,gray wolf optimizer,multilayer perceptron,and MF)was successfully established.The prediction results obtained indicated a mean square error of 0.0978,a root-mean-square error of 0.3128,a mean absolute error of 0.1903,and a coefficient of determination of 0.9249.

Study on the Influencing Factors of Land Transfer Price in the Context of Rural Land Reform

Agricultural land is the key to large-scale agricultural management,and the transfer price is the key to the success or failure of land transfer. At present,there are many problems in the pricing of rural land transfer in China,such as low price,random pricing,and large price difference,which seriously hinder the development of rural land transfer. Drawing lessons from the research results of domestic and foreign scholars,combined with the actual situation of rural land transfer in China,this paper analyzes the influencing factors of land transfer price in the context of rural land reform. Finally,according to the influence of different factors on the behavior of agricultural land transfer,this paper proposes establishing and perfecting the evaluation system of contracted land,perfecting the evaluation institution of transferred land assets and establishing a unified dynamic monitoring system of land transfer price in the whole country,and then driving the broad masses of farmers to get rich together,which is of great significance to achieving the revitalization of China’s rural areas.

Price Analysis of Water Supply for South-to-North Water Transfer Project

The factors influencing the water supply price of a hydraulic project include natural conditions and economic policies. This paper thoroughly demonstrates the water price of South-to-North Water Transfer Project from the viewpoint of economic policies. It is considered that if the project is assigned as a profitable one and built depending on commercial loan from bank completely or mostly, the water price will be too high to be undertaken by users,and if the project places the public good at first while considering the economic benefit, its investment mainly relies on the state (national or local governments) appropriation and self-raised funds and a little from the bank loan on favorable terms, the price determined according to the principle of satisfying the cost and reasonable profit will be relatively lower and can be undertaken by the users in the North China where water shortage is serious. The problem of higher water price of agricultural irrigation to the north of the Yellow River can be tackled by taking measures such as "compensating agriculture by industry" according to foreign practical experiences and relevant suggestions.

An Analysis of the Factors that Affect Collective Construction Land Transfer Price: A Case Study of Yichang City

The transfer of the rural collective construction land is increasingly accelerating,and the factors affecting transfer price are manifold. In this paper,the research area is Yichang,and we establish hedonic price model to explore and analyze the factors which affect the collective construction land transfer price. The simulation results show that in geographical factors,the higher degree of prosperity,road accessibility and soundness of infrastructure will result in higher collective construction land transfer price; in economic factors,the higher farmers' per capita net income and added value of the village's tertiary industry will lead to higher collective construction land transfer price; in ownership factors,the integrity of usufruct,disposition and possession has increasingly significant impact on collective construction land transfer price. In the process of establishing rural collective construction land circulation market,the government should gradually improve conditions of collective construction land; strengthen the construction of the rural economy,improve the economic attribute of the collective construction land; establish and improve China's rural collective construction land-related laws and regulations,make the rural collective construction land use rights clear,and give the whole rights of occupation,use,earning and disposition.

Compliance of Documentation Transfer Pricing Requirements in Foreign Direct Investment Enterprises in Vietnam

The increase of inter-boundary transactions brings a number of benefits for enterprises. However, even when benefits of transfer pricing are evident, multinational organizations still face legal challenges, including performing parts of transactions in another jurisdiction and motives of tax officials in investigating transfer pricing. This is especially true when countries do not want to lose benefits from tax collection. Therefore, many countries and organizations such as the Organization for Economic Cooperation and Development （OECD）, Pacific Association of Tax Administrators （PATA）, the European Union （EU）, and Vietnam have introduced requirements for transfer pricing documentation to prevent transfer pricing manipulation and maintain benefits from taxes. The aim of this research was to assess the compliance of those requirements of foreign direct investment （FDI） enterprises in Vietnam. This article which is a summary of our research includes the following sections： （1） OECD guidelines of transfer pricing documentation; （2） Vietnam regulations of transfer pricing documentation; （3） results of the research; and （4） discussion and conclusion.

Modus operandi of transnational transfer pricing for window dressing

A goal of transfer pricing may be to maximize after tax revenue by setting transfer prices that reduce the total tax paid. ＂Transfer pricing＂ is the pricing of products or services provided by one division to other division of the same corporate entity. Most of the corporate entities are using the method of ＂Window dressing＂, which is a technique used in preparation of financial statements of corporate entities. A transnational corporation is any enterprise that undertakes Foreign Direct Investment （FDI）, owns or controls income gathering assets in more than one country, produces goods or services outsides its country of origin, or engages in international production. Profitability of the transnational corporate entities is being manipulated by the technique of transfer pricing. Abuse of transfer prices is a key tool used by the corporate entities to think that they have virtually no profit; hence, they shouldn＇t pay any taxes. India needs to realize the fundamental need for co-operation among tax administrations in order to remove the obstacles that international double taxation presents to the free movement of goods, services and capital between various countries. In this context, one needs to consider that transactions among associated enterprises may take place under different conditions from those taking place among independent enterprises, while enforcing the act of transfer price mechanism. This paper focuses on transfer pricing and its implications in transnational transactions.

Factor Price Distortion and Conseq uential A dverse Wealth Transfers in China

As critical piece of China＇s gradualist economic transition, domestic price reform still faces major challenges. In particular, factor price, which is still tightlycontrolled and not market-based, is lower than market equilibrium price. Factor price distortion not only reduces market efficiency but also affects wealth distribution. Subsequent wealth transfer has, over the past ten to fifieen years, created a powerful vested interests and spawned social resentment, both of which may constitute major hazards in China＇s future reform and development. Keeping in mind that China will have to address factor price distortion in its next step of reform, this paper takes stock of China＇s journey toward price rejorm; examines the relationship among factor price distortion, previous economic growth, and policy; and estimates＇ the size of resulting wealth transfer.

Empirical Examination of Market Reaction to Transfer Pricing Taxation Announcement in Press： A Japanese Perspective

The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been many press reports regarding the application of TPT, and so there is much public attention on this issue. TPT is applied to unnatural transfer prices （TP）. If TPT is applied to a multinational company （MNC）, the company will need to bear enormous documentation costs in its calculation of the ratable price. In addition, in the last few years, the target of TPT is shifting to the overseas transfer of intangible assets, such as trademarks, royalties, patents, and charges income. As a result, companies have become more careful about TPT and investors tend to pay attention to companies＇ TPT strategy. With regard to this point, this paper examines how the market evaluates news regarding TP by investigating the market reaction to an initial press report mentioning that a firm was involved in a TP manipulation and may be guilty of tax underpayment. We examine these events both because press reports are currently under intense scrutiny and because there has been very little research on firms that engage in tax sheltering （see, e.g., Graham ＆ Tucker, 2006; Hanlon ＆ Slemrod, 2009）. Some view the fact that not all firms engage in tax sheltering as surprising because of the widespread view that shelters, at least in the 1990s, in expectation, offered a positive net present value position. The potential negative public relations effect is often cited as one reason for this ＂under-sheltering＂ phenomenon （Bankman, 2004）. On the event study analysis, we find that the Japanese capital market has shown a statistically significant negative reaction to the press reports. This result is due to a strong distrust of corporate activity regarding TP strategies. Moreover, in order to clarify the reason why the market responds to reports of TPT being applied, we compute the cumulative abnormal returns （CARs） around the date of the press report and conduct two-stage least-squares estimation to examine where this result regarding the market reaction comes from. Our results indicate that the variables for intangible assets and effective tax rate and the variables which represent the extent of corporate governance （CG） are statistically significant with respect to these reactions.

信任水平、感知成本与农户林地流转契约选择

基于福建省319户农户调查数据,采用Tobit、IV-2SLS等计量模型,实证分析信任水平和感知成本对林地流转契约选择的影响,并进一步探究不同流转主体差异、代际差异和感知风险差异在林地流转契约选择方面的异质性。结果表明:1)农户的信任水平和感知成本越高,林地流转时越倾向于选择更长的流转期限和更大的流转面积,转出主体的流转价格越高;信任水平和感知成本的交互项发挥调节作用。2)林地流转契约选择存在代际差异和感知风险差异,在流转期限和流转规模方面,信任水平、感知成本对新生代及感知低风险农户的有效影响更显著;在流转价格方面,信任水平、感知成本对老一代和感知高风险转出农户的影响更显著。据此,建议完善市场机制,激活社会资本,并保持林业政策的稳定性和持久性。

定价权利的转移对回收再制造决策的影响分析

为探讨转移价格的定价权从制造商一方向回收商一方转移时企业决策的变化,文章从回收商是否具有转移价格定价权的2种情形出发,考虑回收竞争以及新产品与再制造产品的竞争,通过对称博弈得到均衡状态下回收价格、新产品产量以及再制造产品产量的变化规律。研究表明:制造商拥有转移价格定价权时,均衡状态下的转移价格、回收价格以及产量决策与新零部件价格(回收零部件的处理收益)均呈单调线性关系;回收商拥有转移价格定价权时,均衡的转移价格和制造商回收价格决策与新零部件价格无关、与回收零部件的处理收益呈负相关;消费者显著偏好制造商回收渠道时,与制造商具有定价权相比,第三方回收商具有转移价格的决策权能够有效降低均衡的转移价格,对制造商更有利。

“粮改饲”补贴政策对农地租金的影响及作用机制

“粮改饲”补贴政策主要是通过补贴农业企业撬动农户生产方式改变,以达到农业调控的整体目标,目前鲜有文献研究此类补贴模式对农地租金的影响。该研究首先理论分析了“粮改饲”补贴政策从养殖企业传导到农户进而影响农地租金的传输机制,然后利用2020年和2022年中国乡村振兴综合调查10省份50县300村4384户5894个地块数据,采用双向固定效应模型,实证分析了“粮改饲”补贴政策对农地租金的影响及作用机制。研究结果表明:①“粮改饲”补贴政策显著提高了农户收取土地租金的比例和价格。②机制分析发现,“粮改饲”补贴政策主要通过提高饲料粮种植比例、增加农民收入、培育农地流转市场的方式提高农地流转租金。③异质性分析发现,对于养殖企业附近、耕地资源禀赋较好、土地密集型作物种植区的农地,“粮改饲”补贴对农地租金发挥更大的政策效应;对于劳动力资源禀赋差异,该补贴对农地租金的影响没有表现出显著差异。基于以上研究结论提出政策建议:①优化“粮改饲”补贴政策,将“粮改饲”补贴政策与适宜当地青贮玉米等饲料粮生产的自然条件相结合,减少耕地资源与农产品市场错配,有效发挥耕地资源的使用效率。②优化农地流转市场,发挥土地规模效应,引导农户大规模种植青贮玉米。③探索更加灵活的“粮改饲”补贴模式,鼓励农业企业与农业大户直接合作,通过企业引导农户生产出更加符合市场需求的产品,提高整体的社会福利。

基于负荷转移的售电公司分时电价优化策略

随着电价新政的发布,电力市场将进一步开放,同时目录电价的取消将加快分时电价机制的建立,在此背景下售电公司如何针对电力用户采取有效的分时电价措施是亟需解决的问题。为此在分析湖南省钢铁、电石等高能耗工业用户用电特性的基础上,结合售电公司、工业用户的成本及收益构建了售电公司成本收益模型、工业用户负荷转移成本模型,进一步提出了售电公司峰谷分时电价双层优化模型,上层模型优化目标为售电公司收益最大,下层模型优化目标为工业用户用电成本最小,以此确定峰谷分时电价套餐。以钢铁、电石等高能耗工业用户数据为例的仿真测算结果表明通过双层优化模型所得的峰谷分时电价套餐能够保证双方的利益,并有效引导工业用户合理用电、削峰填谷。

农地经营权流转价格剪刀差形成的原因及对策分析

从农地的高价流转和低价流转两种现状进行分析,得出农地经营权流转价格剪刀差进一步扩大的原因在于农村熟人社会自发形成的土地流转价格相对较低;以村委会引导的土地规模化流转,其价格高位运行,两者呈现出剪刀差的发展趋势。基于此,提出政府要创建统一的流转信息平台,促进土地流转市场的公开化;降低恋土情结,弱化人情经济;构建完善的定价机制以及价格指数的动态调整机制;采取股份制换取农民土地,警惕炒地行为。

计及负荷转移需求响应的低碳数据中心光储容量优化配置

为了解决高耗能数据中心低碳化转型问题,提出一种计及负荷转移需求响应的低碳数据中心光储容量配置方法。根据延时特性将数据中心负载分为交互性负载与延时性负载,通过比特-瓦特变换与数据中心电能使用效率得出负载与数据中心能耗之间的关系,以总净现值成本最低为目标函数,考虑清洁能源高渗透率水平、数据流需求响应管控约束,获得数据中心的光储容量配置结果。算例验证了所提方法的有效性。

计及复合碳泄漏效应的电力系统双层规划

“双碳”目标下,不对称碳监管政策在电力行业低碳转型路径中引发的强、弱复合碳泄漏效应需要引起关注。针对单边碳减排政策在电力系统中的影响,结合边际电价理论构建了考虑输电网级能源网架扩展与配电网级能源枢纽负荷行为的电力系统双层规划模型。首先,在上层能源网架规划中分析线路扩展带来的弱碳泄漏效应,通过拉格朗日乘子求解电网边际电价,在此基础上计及强碳泄漏效应影响下的负荷转移行为,建立下层能源枢纽经济规划模型;其次,分析碳泄漏的成因并提出缓和手段,建立对应模型;然后,提出电力系统双层低碳规划的求解流程,并设计提升双层规划收敛性的二分启发式方法;最后,在改进的IEEE 12节点系统与改进的IEEE 236节点系统中进行仿真,分析碳价格与碳泄漏缓和手段对碳泄漏效应的影响,算例结果验证了碳泄漏的形成渠道与影响。分析免费碳配额或碳排放关税对碳泄漏效应的缓和作用与风险,同时,研究双层规划模型收敛性,可为电力系统低碳转型路径中开展合理碳监管提供参考。

商业银行内部资金转移定价体系构建研究

内部资金转移定价已成为商业银行价值管理体系的重要组成部分。基于金融市场理论和商业银行的管理实践,论述商业银行内部资金转移定价体系构建的流程和方法;从我国利率市场化现状出发,对不同市场、不同产品的转移定价基准提出建议;结合C银行案例,构建活期存款余额分层转移定价模型并进行实证分析,为活期存款这一特殊产品的转移定价提供具体解决方案。

Transfer Pricing Regulations of Armenia:Issues with Some of the Current Provisions and Their Possible Solutions

Armenian transfer pricing(TP)regulations are still in the starting period of their application,as the provisions for conducting TP administration have been put into force only since 13 April 2022.Prior to that,the TP legislation was incomplete due to lack of provisions for effective tax administration.When the legislative amendments took effect,the TP became a separate type of tax audit with its specific features on procedure.Notwithstanding the fact that amendments solved many legislative issues,there were still many problems that emerged while applying the provisions in practice and hence needed to be tackled by further legislative amendments.This article explores some of the current major problems that the Armenian TP regulations face and the possible solutions that might be implemented in the near future.

职业足球运动员转会特征价格模型及其影响因素研究

近年来中国足球的成绩一路走低和职业足球市场持续低迷引发社会高度关注。其中,球员转会价格不断攀升以及由此引发的俱乐部财政问题严重影响职业足球市场,哪些因素影响球员转会价格迄今未有定论。借助特征价格理论,构建职业足球运动员转会特征价格模型,以量化测度影响足球运动员转会价格的因素。影响球员转会价格因素从大到小依次是属性特征、比赛特征和环境特征,属性特征中的转会年龄、受市场欢迎程度、个人商业开发能力和效力过的俱乐部数量,比赛特征中的近期进攻能力和代表国家队出场数,环境特征中买方俱乐部市场实力、联赛差距和转会限制指标等10个指标为显著影响因素。结合中超联赛实证,提出提升职业足球市场自身的造血功能,加强年轻球员培养,鼓励球员转会,注重对球员商业和媒体价值的综合开发与提升联赛市场开发水平等建议。

基于多维价格弹性系数的分时电价对负荷特性影响机理

基于23个省级电力公司经营区各行业固定用户群负荷曲线,测算多维价格弹性系数评估分时电价调整对各地区各行业峰谷时段用电的影响,并分析峰谷段电力需求对多维价格指标的敏感性。利用多维价格弹性系数定量评估各地区各行业降低峰段电量、提升谷段电量、缩小负荷峰谷差率三维电力电量指标对提高高峰时段电价、降低低谷时段电价、拉大峰谷电价比三维价格指标的敏感性。根据多维价格弹性系数分析结果可针对不同地区、行业、时段提出分时电价优化调整策略。