CENOZOIC VOLCANISM AND GEOTHERMAL RESOURCES IN NORTHEAST CHINA

This paper is concentrated on Cenozoic volcanism and geothermal resources in Northeast China. There are a lot of Cenozoic volcanoes, a large area of volcanic rocks, a large number of active faults and rich geothermal resources in Northeast China. The time and space characteristics of Cenozoic volcanism and the space distribution characters of hot springs and high geothermal flux regions in Northeast China are described and discussed on the basis of geological, geothermal, drilling and volcanological data. It is revealed that the hot springs and high geothermal flux regions are related to the Cenozoic volcanism, rifting and faulting in Northeast China. It is especially emphasized that the hot springs and high geothermal anomaly areas are controlled by active deep faults. It is proposed that the Cenozoic volcanism regions, rift basins, active fault belts, activated plate suture zones and large earthquake occurrence points are the best areas for prospecting geothermal resources. The geothermal resources in younger volcanic zones are richer than those in older volcanic belts. The hot springs and active or activated faults might be a very good clue for looking for geothermal resources.

Intellectual Capital Disclosure in China:an Empirical Study

We develop a descriptive framework of the components of intellectual capital (IC) in annual reports and investigate the effects of disclosure of IC on market capitalization.We use content analysis to analyze the annual reports of a sample of Fortune 100 listed companies in 2006 announced by Chinese Academy of Social Sciences.We select the 49 listed companies for content analysis of their 226 annual reports over the five-year period of 2001-2005.There is a highly significant and positive correlation between IC disclosure and market capitalization.In china,some high quality listed companies have existed IC information and increased year after year.More and more listed companies disclose their IC information spontaneity in structure capital,customer capital,and human capital,although Ministry of Finance only give the criterion on structure.There exists significant difference between industries when using ICR to analyze the competitive power.

An Analysis of Governance in Chinese High-Tech Enterprises from Specific Human Capital Perspective

The effect of specific human capital on governance was analyzed,and a governance frame was proposed based on specific human capital for high-tech enterprises.The frame takes residual rights of claimant and residual rights of control as core,including the factors of institutional environment and bargaining power.One of the important contexts of Chinese enterprises governance is ownership structure,which means that local government plays an important role in the governance.Meanwhile,the level of market development in China is low,which has an effect on corporate governance.The model of capital gains and status of human capital is explored,and it shows that all of the residual claims belonging to shareholder is only an exceptional case,and the internal factors influencing the residual claim allocation proportion of stakeholders are the scarcity in the capital market and risks born by them.Furthermore,two cases are discussed in detail to study the governance in Chinese high-tech enterprises.

资产价格波动率指数及其交易

隐含波动率是市场参与者对期权基础资产收益的未来波动情况的一致看法。自1993年起,芝加哥期权交易所(CBOE)开始编制标准普尔100指数期权的波动率指数(VIX),并在10多年以后推出了VIX的期货交易与期权交易。这种类金融衍生品的创新特征非常突出,它的问世使得市场参与者能在不受股票价格现行水平及其变动方向制约的条件下独立地进行隐含被动率交易,从而为抵补和分散收益风险、丰富资产组合提供了一个有效工具;同时,它也使得投资者在隐含波动率与实际波动率之间进行套购交易成为可能。中国的股指期货交易已成功推出,经过一段时间的顺利运行,中国的股指期权挂牌交易也是顺理成章的事。了解和掌握波动率交易对中国资本市场的纵深发展具有一定的理论启示意义和实践借鉴作用。