Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a signi...Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.展开更多
This paper introduces overall policy and economic environment for power industry in China. Thepolicy environment tends to be favorable, while the economic environment seems worrisome. The latter ismainly due to energy...This paper introduces overall policy and economic environment for power industry in China. Thepolicy environment tends to be favorable, while the economic environment seems worrisome. The latter ismainly due to energy transportation blocking and price escalating. The paper also introduces the performanceand development of listed power companies, and points out that the power stock market is still promising andpower industry is still valuable for investment.展开更多
There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of co...There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-展开更多
This paper seeks to present with statistical tables the history of Chinese Buddhism in Singapore during the past 120 years. Employing the methodology of religious anthropology and religious sociology, this history is ...This paper seeks to present with statistical tables the history of Chinese Buddhism in Singapore during the past 120 years. Employing the methodology of religious anthropology and religious sociology, this history is traced in the context of the colonial rule, independence, and modern administration of Singapore. The early transmission of Chinese Buddhism to Singapore was a symbol of civilization and power, which was closely associated with immigrant societies and association power structure. Around the Second World War, following the propagation of Humanistic Buddhism(Buddhism in human life, renjian fojiao 人间佛教) in Singapore, its characteristics including elite feature and transcendence were culturally acknowledged by mainstream society. Meanwhile, during the 1940s, that laywomen built Buddhist temples appeared as a prominent phenomenon. As Chinese Buddhism from Chinese mainland ceased to spread to Singapore, Chinese Buddhism, as a local religion, has been completely embedded in the capitalist institutions, and thus the modernity of Humanistic Buddhism and capitalism reach coincidence in the context. Against the background of Humanistic Buddhism, after the 1960s, Chinese Buddhism has made more achievements in education, culture, charity, and organizations, showing a combination of gender awareness, elite feature, and social actions. The practice of Chinese Buddhism in Singapore for the 120 years is a story in which Chinese Buddhism has gradually got rid of the localism of an agricultural civilization while returning to the globalism of modern civilization. Its experiences aptly demonstrate the struggles and inner motives for modernization of Chinese Buddhism.展开更多
文摘Under the dual pressures of energy crisis and environmental pollution,China’s new energy power industry has become a focal point for environmental management and requires greater investment.In this context,as a significant input of investment projects,discount rate requires a well-calibrated evaluation because new energy power investment projects are highly capital intensive.The main objective of this paper is to evaluate the discount rate of China’s new energy power industry.First,we use Moving Average to correct the parameters of capital asset pricing model(CAPM)and weighted average cost of capital,which extends the literature on the avoidance of CAPM noise information problem.Second,we study the industry-level annual discount rates of mainly China’s new energy power industries,including hydropower,nuclear power,wind power,and photovoltaic power industries for the period of 2014-2019.The results show that discount rates in China’s new energy power industries evolved differently between the years of 2014-2019 with average annual discount rates being 7.56%,5.83%,5.60%,and 8.64%,for the hydropower,nuclear power,wind power,and photovoltaic power industries,respectively.In 2019,the four annual discount rates were highest for the photovoltaic power industry(8.66%),followed by hydropower(7.17%),wind power(5.72%),and nuclear power industry(5.26%).Forecasting to 2020 from the 2019 evaluation base period,the discount rates are 6.37%,5.00%,6.57%,and 9.05%for the photovoltaic power,hydropower,wind power,and nuclear power industries,respectively.Under the different capital structures,their forecasts for the photovoltaic power,hydropower,wind power,and nuclear power industries in 2020 are,respectively,within[4.35%,9.24%],[3.92%,7.10%],[4.58%,10.40%],[5.46%,14.81%].We also discussed more details on capital structure and forecast period of discount rates for China’s new energy power industries.Our analysis shows that it is necessary to establish a new energy power industry database and steadily promote the implementation of policies.
文摘This paper introduces overall policy and economic environment for power industry in China. Thepolicy environment tends to be favorable, while the economic environment seems worrisome. The latter ismainly due to energy transportation blocking and price escalating. The paper also introduces the performanceand development of listed power companies, and points out that the power stock market is still promising andpower industry is still valuable for investment.
文摘There were 75 medium-to-large projects attracting foreign capital in the power industry sector from 1979 to 1995, expanding the power capacity of China by about 49 million kilowatts and utilizing US$17.3 billion of contractual foreign capital, accounting for 10 percent of total investment in power development in the same period. For-
基金the middle-stage research findings of the 2017 Major Grant of the Chinese National Social Sciences Fund titled“Social Life History of Chinese Buddhist Monks”(17ZDA233)
文摘This paper seeks to present with statistical tables the history of Chinese Buddhism in Singapore during the past 120 years. Employing the methodology of religious anthropology and religious sociology, this history is traced in the context of the colonial rule, independence, and modern administration of Singapore. The early transmission of Chinese Buddhism to Singapore was a symbol of civilization and power, which was closely associated with immigrant societies and association power structure. Around the Second World War, following the propagation of Humanistic Buddhism(Buddhism in human life, renjian fojiao 人间佛教) in Singapore, its characteristics including elite feature and transcendence were culturally acknowledged by mainstream society. Meanwhile, during the 1940s, that laywomen built Buddhist temples appeared as a prominent phenomenon. As Chinese Buddhism from Chinese mainland ceased to spread to Singapore, Chinese Buddhism, as a local religion, has been completely embedded in the capitalist institutions, and thus the modernity of Humanistic Buddhism and capitalism reach coincidence in the context. Against the background of Humanistic Buddhism, after the 1960s, Chinese Buddhism has made more achievements in education, culture, charity, and organizations, showing a combination of gender awareness, elite feature, and social actions. The practice of Chinese Buddhism in Singapore for the 120 years is a story in which Chinese Buddhism has gradually got rid of the localism of an agricultural civilization while returning to the globalism of modern civilization. Its experiences aptly demonstrate the struggles and inner motives for modernization of Chinese Buddhism.
