Taking the concrete conditions of each region into full consideration, the Chinese real estate market is divided into an eastern market, a central market and a western market. For each market, the autoregressive integ...Taking the concrete conditions of each region into full consideration, the Chinese real estate market is divided into an eastern market, a central market and a western market. For each market, the autoregressive integrated moving average (ARMA) model is established and spectral analysis is carded out to better understand the changes in the real estate markets in each region. The results show the investment levels and several kinds of cycles within each market. The level of real estate investment (LREI)in the eastern region is the higiaest, and the short cycle of investment is about 4 to 5 years; the LREI in the central region is in the middle, and the short cycle of investment is about 2 to 3 years; the LREI in the western region has been rapidly increasing in recent years, and the short cycle of investment is about 4 to 5 years. Real estate investment in each area has reached a peak and completed a middle-cycle movement after a period of sustained recession and an upsurge process, which has taken about 9 to 10 years.展开更多
According to data in Nanjing Statistical Yearbook, contribution made by agricultural production factors was analyzed with contribution models of agricultural factors and the results showed that with restriction of lab...According to data in Nanjing Statistical Yearbook, contribution made by agricultural production factors was analyzed with contribution models of agricultural factors and the results showed that with restriction of labor force and land, Nanjing suburban counties have entered into a stage of "high input-high output", considering no matter from agricultural total value of output or from agricultural added value. In future, structure configuration of agricultural input factors should be optimized in Nanjing suburban counties by technology input to improve agricultural technology and technical efficiency in order to further achieve sustainable development of agriculture.展开更多
[Objective] The aim was to explore interrelationship between agricultural input and output in Jiangsu and the influence degrees of input factors on agricultur-al output. [Method] Quantitative analysis and evaluation w...[Objective] The aim was to explore interrelationship between agricultural input and output in Jiangsu and the influence degrees of input factors on agricultur-al output. [Method] Quantitative analysis and evaluation were made on agricultural input and output in Jiangsu during 1990-2012 as per factor analysis and regression analysis. [Result] The result of factor analysis showed that since the 1990s, the comprehensive efficiency of agricultural input/output in Jiangsu was growing and in-put/output of agriculture, forestry, animal husbandry and fishery, crop farming, and of food production were extracted, whose scores reflect the changes of input/output ef-ficiencies in terms of agriculture, forestry, animal husbandry, fishery, crop farming and food production in the two decades. The results of regression analysis indicated that the effects of the three indices on agricultural output tended to be volatile and the influence degrees were concluded also by regression parameters. [Conclusion] The research provides theoretical references for agricultural input/output structure in Jiangsu Province.展开更多
A class of nonlinear and continuous type Leontief model and its corresponding conditional input-output equation are introduced, and two basic problems under the so called positive or negative boundary assumption are p...A class of nonlinear and continuous type Leontief model and its corresponding conditional input-output equation are introduced, and two basic problems under the so called positive or negative boundary assumption are presented. By approaches of nonlinear analysis some solvability results of this equation and continuous perturbation properties of the relative solution sets are obtained, and some economic significance are illustrated by the remark.展开更多
The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management...The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.展开更多
Since the reform and opening up,China's export trade has maintained a rapid growth;meanwhile,China's energy consumption has been increasing sharply. "High export and high energy consumption" has beco...Since the reform and opening up,China's export trade has maintained a rapid growth;meanwhile,China's energy consumption has been increasing sharply. "High export and high energy consumption" has become the feature of China's trade and economic development.In this paper,based on the input-output analysis approach,the authors have conducted an empirical study on the export trade and energy consumption of 21 trade industrial sectors.The results show that,China is a big net exporter of embodied energy.Assuming that the export growth rate of embodied energy maintains to be about 23.6%,the average annual growth rate of the past 32 years,and based on the input-output data of 2005,by 2030 China's net export of embodied energy would be over eight times more than the aggregate energy production,which is obviously infeasible.As a country of very low per capita energy,China must change its export pattern,encourage or restrain the export of different industrial sectors according to their energy consumption intensity,and promote structural change of energy-efficient exported products,so as to achieve the sustainable development.Accordingly,the authors put forward some suggestions.展开更多
The current cost-plus natural gas pricing mechanism makes the gas price too low,resulting in a lot of consumer-side subsidies and over-consumed natural gas.This paper applies the price-gap approach and input-output an...The current cost-plus natural gas pricing mechanism makes the gas price too low,resulting in a lot of consumer-side subsidies and over-consumed natural gas.This paper applies the price-gap approach and input-output analysis technology to quantitatively analyze both the direct and indirect effects on urban residents under the condition that natural gas subsidies are cancelled in China in 2007.It is shown that the gas price will increase by 33.3%-41.6%,and the residential consumption expenditure by 0.26%-0.33%.The low-income groups are mostly affected,so different subsidies should be implemented to make subsidies more efficient.展开更多
In this paper,using the input-output model,the author first calculated the CO 2 emissions embodied in exports of China in 2002 and 2007.Then,the author empirically analyzed problems existing in the composition of expo...In this paper,using the input-output model,the author first calculated the CO 2 emissions embodied in exports of China in 2002 and 2007.Then,the author empirically analyzed problems existing in the composition of exported products and analyzed its possible reasons.The research results of this paper are as follows:Since China's entry into WTO,the CO 2 emissions embodied in exports of China have been increasing rapidly;the value of exported products of high-carbon emissions industries accounts for a relatively higher proportion to China's total exports value because China's carbon intensive products have a certain competitive advantage.Additionally,this paper has put forward relevant suggestions based on these results.展开更多
In this paper, we attempted to calculate the impact of environmental regulation on the international competitiveness of China's industries. Calculations are based on the input-output model that incorporates pollution...In this paper, we attempted to calculate the impact of environmental regulation on the international competitiveness of China's industries. Calculations are based on the input-output model that incorporates pollution control costs. We took enterprises 'pollution control costs as the substitute variable for environmental regulation and price changes to measure the impact on international competitiveness for all sectors. Our studies reported three findings. First, price rises caused by pollution control costs were not more than 4 per cent in the manufacturing and trade sectors in 2007. Second, although the charging rate on pollutant discharge has become increasingly higher since 2003, the resultant price rise is only around O. 5 per cent across all sectors. Third, the impact brought about by increasingly stronger environmental regulation is limited and the resultant price rise does not exceed 2 per cent. Thesefindings indicate that the impact of environmental regulation on China's trade sectors is affordable. Therefore, it is needless to worry that environmental regulation will weaken the international competitiveness of Chinese products.展开更多
Because conditions for the grain production are not favorable and the input in the production factors ofmodern agriculture is not sufficient, the grain supply has been less than the demand for a long time. By means of...Because conditions for the grain production are not favorable and the input in the production factors ofmodern agriculture is not sufficient, the grain supply has been less than the demand for a long time. By means of greycorrelation analysis, this paper deals with the correlation situation among such input factors as the grain sown area, thetotal power of agricultural machinery, the fertilizer utilization volume, the actual irrigation area, the damage area, thenumber of farming labor force, in order to understand the major restricting and driving forces that have affected thegrain output in the recent 23 years. The analysis shows that the grain sown area and fertilizer utilization volume are thetwo most important leading factors that affect grain production in Guizhou Province, while the damage area and the totalpower of the farming-used machines are the following factors. Fertilizer utilization volume and the actual agriculturalmachinery and irrigation area are the two increasingly influential factors that affect grain production. The influence of thefarming labor force upon grain production became less strong. The main measures to increase grain production outputin Guizhou Province are to stabilize the arable land, increase the actual irrigation area, expedite the transfer of thefarming labor force and increase the input of modern agriculture.展开更多
This paper provides a computation on both the China's aggregate CO2 emission volume and the emission of each sector over the period of 2002-2007, based on the input-output analysis. Further analysis is also given on ...This paper provides a computation on both the China's aggregate CO2 emission volume and the emission of each sector over the period of 2002-2007, based on the input-output analysis. Further analysis is also given on the various determinants of the change in the emission volume, with the aid of structural decomposition analysis (SDA) based on a residual-free method. Based on the input-output table of China in 2002 and 2007, the merge of sectors and the adjustment of price change have been made during the study. The emissions of carbon dioxide in China increased from 2,887.3 million ton to 5,664.6 million ton during 2002-2007. The average rate of increase is 13.3%, faster than the average rate of gross domestic product (GDP) growth 11.6% slightly. According to the process of SDA, the changes in emission are analyzed in terms of four different factors. Among the four factors studied in the paper, it is found that the change of emission intensity and structure of demand are the main reason of the decrease of emission, while production technology and scale effect increase the emission volume. The paper also finds that although the direct emission intensity decreased during the study period, the total emission intensity increased with the annual rate of 3.8%, which reflects the result of energy policy is not equal in different sectors.展开更多
As the investment structure of economic structure has a direct impact on the industrial structure, economic structure and thus become the focus of research. However, due to the impact of the traditional planned econom...As the investment structure of economic structure has a direct impact on the industrial structure, economic structure and thus become the focus of research. However, due to the impact of the traditional planned economy system, for a long time, our focus on the expansion of investment scale, optimize investment structure and neglect, leading to low efficiency of investment, private investment is difficult to effectively start, optimizing economic structure adjustment difficulties and other problems. The paper has got a conclusion that the target of optimization of real estate investment and ways based on the status of investment of real estate, and integration analysis for real estate investment sources.展开更多
Input-output analysis is widely employed to analyze inventories of a product's embodied energy and environmental burdens. However, input-output analysis focuses only on the production stage and ignores other life cyc...Input-output analysis is widely employed to analyze inventories of a product's embodied energy and environmental burdens. However, input-output analysis focuses only on the production stage and ignores other life cycle phases. Input-output analysis is not exactly a LCA (life cycle assessment) method in the strict sense of ISO 14040 standards, which must cover all stages of a product's life cycle, "from the cradle to the grave", so to speak. A tiered hybrid LCA is a useful tool that covers all life cycle stages by combining a process analysis with the input-output analysis method. This study aims to extend input-output analysis to the use, disposal, and recycling stages by using matrix-based method. The new method is applied to the analysis of the embodied CO2 emissions of a refrigerator as a case study. The entire life cycle C02 emissions are estimated to be 2.9 tons, including indirect emissions, and the reduction in CO2 emissions due to recycling steel scrap is calculated as 48.5 kg. The authors conclude that the new method enables a consistent inventory analysis for all life cycle stages by combining process and input-output methods.展开更多
This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset...This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset. The underlying asset is usually a share in a company, a basket of shares, or an entire index, etc.. It can be stated that for every estimated development of an asset (growth, fall, and stagnation) or for every attitude to risks (conservative or aggressive investors), there is a suitable kind of certificate. The main objective is to perform an analysis of the structured product--Austria/Germany Bond 3 and its guarantee certificate construction using digital-barrier options. The authors have found an alternative opportunity to the purchase of this certificate, i.e., investment in a bank deposit, together with a purchase of cash or nothing down and four-knock-out call options and a sale of cash or nothing down and four-knock-out put options. The authors prove that the alternative investment has the same profit profile as the certificate. The authors made this analysis with the objective to contribute to the intellectualization of investors.展开更多
Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instru...Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.展开更多
Here we utilize input-output tables for 2005 and 2010 to calculate the change in carbon dioxide emission intensity. Results show that total carbon dioxide emissions were 6.79 and 9.30 billion tons, and carbon dioxide ...Here we utilize input-output tables for 2005 and 2010 to calculate the change in carbon dioxide emission intensity. Results show that total carbon dioxide emissions were 6.79 and 9.30 billion tons, and carbon dioxide emission intensity was 0.37 and 0.33 ton per thousand CNY in 2005 and 2010, respectively. Carbon dioxide emission intensity declined 11% over these five years. We used structural decomposition analysis modeling to measure the effect of four factors on this reduction in intensity. We found that the contribution values of energy structure, energy efficiency, economic growth mode and economic structure were -0.001, -0.102, 0.050, and 0.013 ton per thousand CNY, respectively. Changes in energy efficiency and energy structure are major factors promoting decreases in carbon dioxide emission intensity; the effect of the former is more distinct than the latter. Economic growth mode and economic structure are major factors that increase carbon dioxide emission intensity, whereby the effect of the former is more distinct than the latter.展开更多
China, as the biggest GHG emitter and the largest developing country, has been urged by international society to take responsibilities for reducing GHG, especially in the post-Kyoto commitment period. Currently, the U...China, as the biggest GHG emitter and the largest developing country, has been urged by international society to take responsibilities for reducing GHG, especially in the post-Kyoto commitment period. Currently, the United Nations Framework Convention on Climate Change (UNFCCC) assigns the responsibility to parties who produce the pollution, using the production-based GHG emissions inventories. In this article, we analyze the difference between China's production- and consumption- based emission inventories and conclude that consumption-based GHG emission inventories are preferred; as it is fair that whoever consumes the emission should pay for their consumption. In addition, in order to consider environmental justice, policy-makers should take both economic and administrative measures to support poor provinces for reducing C02 emissions.展开更多
This paper provides an extended input-occupancy-output analysis of wastewater discharge coeffcients, as well as backward and forward linkages of Chinese multi-regional industrial sectors in2007. The results show that ...This paper provides an extended input-occupancy-output analysis of wastewater discharge coeffcients, as well as backward and forward linkages of Chinese multi-regional industrial sectors in2007. The results show that the direct and total industrial wastewater discharge coeffcients of most of the provincial industrial sectors in China's Eastern region are lower than those of the whole country.Both backward and forward linkages of fixed-asset occupancy in industrial sectors in China's Central and Western regions are strong. The dissimilarity of cross-sectional data of the relevant industrial wastewater discharge coeffcients and linkages in multi-regional input-output analysis becomes bigger as regions are divided more extensively.展开更多
文摘Taking the concrete conditions of each region into full consideration, the Chinese real estate market is divided into an eastern market, a central market and a western market. For each market, the autoregressive integrated moving average (ARMA) model is established and spectral analysis is carded out to better understand the changes in the real estate markets in each region. The results show the investment levels and several kinds of cycles within each market. The level of real estate investment (LREI)in the eastern region is the higiaest, and the short cycle of investment is about 4 to 5 years; the LREI in the central region is in the middle, and the short cycle of investment is about 2 to 3 years; the LREI in the western region has been rapidly increasing in recent years, and the short cycle of investment is about 4 to 5 years. Real estate investment in each area has reached a peak and completed a middle-cycle movement after a period of sustained recession and an upsurge process, which has taken about 9 to 10 years.
文摘According to data in Nanjing Statistical Yearbook, contribution made by agricultural production factors was analyzed with contribution models of agricultural factors and the results showed that with restriction of labor force and land, Nanjing suburban counties have entered into a stage of "high input-high output", considering no matter from agricultural total value of output or from agricultural added value. In future, structure configuration of agricultural input factors should be optimized in Nanjing suburban counties by technology input to improve agricultural technology and technical efficiency in order to further achieve sustainable development of agriculture.
文摘[Objective] The aim was to explore interrelationship between agricultural input and output in Jiangsu and the influence degrees of input factors on agricultur-al output. [Method] Quantitative analysis and evaluation were made on agricultural input and output in Jiangsu during 1990-2012 as per factor analysis and regression analysis. [Result] The result of factor analysis showed that since the 1990s, the comprehensive efficiency of agricultural input/output in Jiangsu was growing and in-put/output of agriculture, forestry, animal husbandry and fishery, crop farming, and of food production were extracted, whose scores reflect the changes of input/output ef-ficiencies in terms of agriculture, forestry, animal husbandry, fishery, crop farming and food production in the two decades. The results of regression analysis indicated that the effects of the three indices on agricultural output tended to be volatile and the influence degrees were concluded also by regression parameters. [Conclusion] The research provides theoretical references for agricultural input/output structure in Jiangsu Province.
文摘A class of nonlinear and continuous type Leontief model and its corresponding conditional input-output equation are introduced, and two basic problems under the so called positive or negative boundary assumption are presented. By approaches of nonlinear analysis some solvability results of this equation and continuous perturbation properties of the relative solution sets are obtained, and some economic significance are illustrated by the remark.
文摘The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.
基金interim result of China’s Strategy on Foreign Trade Development and Industrial Safety,which is the phase III construction project of "211 Project" of Shanghai University of Finance and EconomicsStudy on the Relation between Foreign Trade and China’s Energy Consumption (Grant No.:CXJJ-2009313),which is sponsored by Graduate Students Research and Innovation Fund of Shanghai University of Finance and Economics
文摘Since the reform and opening up,China's export trade has maintained a rapid growth;meanwhile,China's energy consumption has been increasing sharply. "High export and high energy consumption" has become the feature of China's trade and economic development.In this paper,based on the input-output analysis approach,the authors have conducted an empirical study on the export trade and energy consumption of 21 trade industrial sectors.The results show that,China is a big net exporter of embodied energy.Assuming that the export growth rate of embodied energy maintains to be about 23.6%,the average annual growth rate of the past 32 years,and based on the input-output data of 2005,by 2030 China's net export of embodied energy would be over eight times more than the aggregate energy production,which is obviously infeasible.As a country of very low per capita energy,China must change its export pattern,encourage or restrain the export of different industrial sectors according to their energy consumption intensity,and promote structural change of energy-efficient exported products,so as to achieve the sustainable development.Accordingly,the authors put forward some suggestions.
基金Supported by Strategic Priority Research Program of Chinese Academy of Sciences (No. XDA05150600)National Natural Science Foundation of China (No. 71041006 and No. 70903066)
文摘The current cost-plus natural gas pricing mechanism makes the gas price too low,resulting in a lot of consumer-side subsidies and over-consumed natural gas.This paper applies the price-gap approach and input-output analysis technology to quantitatively analyze both the direct and indirect effects on urban residents under the condition that natural gas subsidies are cancelled in China in 2007.It is shown that the gas price will increase by 33.3%-41.6%,and the residential consumption expenditure by 0.26%-0.33%.The low-income groups are mostly affected,so different subsidies should be implemented to make subsidies more efficient.
基金funded by 2011 the Humanities and Social Sciences Research Program of Education Ministry of P.R.China (Grant No.11YJA790229)
文摘In this paper,using the input-output model,the author first calculated the CO 2 emissions embodied in exports of China in 2002 and 2007.Then,the author empirically analyzed problems existing in the composition of exported products and analyzed its possible reasons.The research results of this paper are as follows:Since China's entry into WTO,the CO 2 emissions embodied in exports of China have been increasing rapidly;the value of exported products of high-carbon emissions industries accounts for a relatively higher proportion to China's total exports value because China's carbon intensive products have a certain competitive advantage.Additionally,this paper has put forward relevant suggestions based on these results.
文摘In this paper, we attempted to calculate the impact of environmental regulation on the international competitiveness of China's industries. Calculations are based on the input-output model that incorporates pollution control costs. We took enterprises 'pollution control costs as the substitute variable for environmental regulation and price changes to measure the impact on international competitiveness for all sectors. Our studies reported three findings. First, price rises caused by pollution control costs were not more than 4 per cent in the manufacturing and trade sectors in 2007. Second, although the charging rate on pollutant discharge has become increasingly higher since 2003, the resultant price rise is only around O. 5 per cent across all sectors. Third, the impact brought about by increasingly stronger environmental regulation is limited and the resultant price rise does not exceed 2 per cent. Thesefindings indicate that the impact of environmental regulation on China's trade sectors is affordable. Therefore, it is needless to worry that environmental regulation will weaken the international competitiveness of Chinese products.
文摘Because conditions for the grain production are not favorable and the input in the production factors ofmodern agriculture is not sufficient, the grain supply has been less than the demand for a long time. By means of greycorrelation analysis, this paper deals with the correlation situation among such input factors as the grain sown area, thetotal power of agricultural machinery, the fertilizer utilization volume, the actual irrigation area, the damage area, thenumber of farming labor force, in order to understand the major restricting and driving forces that have affected thegrain output in the recent 23 years. The analysis shows that the grain sown area and fertilizer utilization volume are thetwo most important leading factors that affect grain production in Guizhou Province, while the damage area and the totalpower of the farming-used machines are the following factors. Fertilizer utilization volume and the actual agriculturalmachinery and irrigation area are the two increasingly influential factors that affect grain production. The influence of thefarming labor force upon grain production became less strong. The main measures to increase grain production outputin Guizhou Province are to stabilize the arable land, increase the actual irrigation area, expedite the transfer of thefarming labor force and increase the input of modern agriculture.
文摘This paper provides a computation on both the China's aggregate CO2 emission volume and the emission of each sector over the period of 2002-2007, based on the input-output analysis. Further analysis is also given on the various determinants of the change in the emission volume, with the aid of structural decomposition analysis (SDA) based on a residual-free method. Based on the input-output table of China in 2002 and 2007, the merge of sectors and the adjustment of price change have been made during the study. The emissions of carbon dioxide in China increased from 2,887.3 million ton to 5,664.6 million ton during 2002-2007. The average rate of increase is 13.3%, faster than the average rate of gross domestic product (GDP) growth 11.6% slightly. According to the process of SDA, the changes in emission are analyzed in terms of four different factors. Among the four factors studied in the paper, it is found that the change of emission intensity and structure of demand are the main reason of the decrease of emission, while production technology and scale effect increase the emission volume. The paper also finds that although the direct emission intensity decreased during the study period, the total emission intensity increased with the annual rate of 3.8%, which reflects the result of energy policy is not equal in different sectors.
文摘As the investment structure of economic structure has a direct impact on the industrial structure, economic structure and thus become the focus of research. However, due to the impact of the traditional planned economy system, for a long time, our focus on the expansion of investment scale, optimize investment structure and neglect, leading to low efficiency of investment, private investment is difficult to effectively start, optimizing economic structure adjustment difficulties and other problems. The paper has got a conclusion that the target of optimization of real estate investment and ways based on the status of investment of real estate, and integration analysis for real estate investment sources.
文摘Input-output analysis is widely employed to analyze inventories of a product's embodied energy and environmental burdens. However, input-output analysis focuses only on the production stage and ignores other life cycle phases. Input-output analysis is not exactly a LCA (life cycle assessment) method in the strict sense of ISO 14040 standards, which must cover all stages of a product's life cycle, "from the cradle to the grave", so to speak. A tiered hybrid LCA is a useful tool that covers all life cycle stages by combining a process analysis with the input-output analysis method. This study aims to extend input-output analysis to the use, disposal, and recycling stages by using matrix-based method. The new method is applied to the analysis of the embodied CO2 emissions of a refrigerator as a case study. The entire life cycle C02 emissions are estimated to be 2.9 tons, including indirect emissions, and the reduction in CO2 emissions due to recycling steel scrap is calculated as 48.5 kg. The authors conclude that the new method enables a consistent inventory analysis for all life cycle stages by combining process and input-output methods.
文摘This paper deals with the issue of investment certificate formation in the financial market. Investment certificate is a type of structured products, the value of which is derived from the value of an underlying asset. The underlying asset is usually a share in a company, a basket of shares, or an entire index, etc.. It can be stated that for every estimated development of an asset (growth, fall, and stagnation) or for every attitude to risks (conservative or aggressive investors), there is a suitable kind of certificate. The main objective is to perform an analysis of the structured product--Austria/Germany Bond 3 and its guarantee certificate construction using digital-barrier options. The authors have found an alternative opportunity to the purchase of this certificate, i.e., investment in a bank deposit, together with a purchase of cash or nothing down and four-knock-out call options and a sale of cash or nothing down and four-knock-out put options. The authors prove that the alternative investment has the same profit profile as the certificate. The authors made this analysis with the objective to contribute to the intellectualization of investors.
基金the sponsorship of the Ministry of Education Program“Navigating the New Normal”Scientific Research Foundation of the Renmin University of China“A Study on Limited Catch Up and Transition of China's Trade Pattern:A New Theory Based on Global Trade Scale and Interest Disequilibrium(Grant No.12XNI010)”
文摘Whether rapid real estate investment growth inhibits China's innovation is a critical question for China's economic sustainability. Based on China's provincial panel data and using land supply as an instrumental variable for real estate investment growth, we arrived at the following findings after effectively controlling endogenous factors that could lead to estimation errors. First of all, the faster real estate investment grows in a province, the lower the growth rates of innovation and R&D spending and invention patent authorizations will be in the province, an indication that real estate directly inhibits innovation in China. Such inhibition is particularly pronounced in the industrial sectors. Secondly, in the context of rampant real estate investment, the biased loan maturity structure of China's financial system in favor of the real estate industry further inhibits innovation. This paper has verified the existence of the direct effect of real estate investment growth on regional innovation and its indirect effect on regional innovation through the biased long maturity structure of the financial system. The empirical findings of this paper provide practical policy implications for China to strike a balance between real estate development and an innovation-driven development strategy.
基金National Natural Science Fund of China(No.71103012)Humanities and Social Science Project of Beijing University of Technology(No.X5104001201201)
文摘Here we utilize input-output tables for 2005 and 2010 to calculate the change in carbon dioxide emission intensity. Results show that total carbon dioxide emissions were 6.79 and 9.30 billion tons, and carbon dioxide emission intensity was 0.37 and 0.33 ton per thousand CNY in 2005 and 2010, respectively. Carbon dioxide emission intensity declined 11% over these five years. We used structural decomposition analysis modeling to measure the effect of four factors on this reduction in intensity. We found that the contribution values of energy structure, energy efficiency, economic growth mode and economic structure were -0.001, -0.102, 0.050, and 0.013 ton per thousand CNY, respectively. Changes in energy efficiency and energy structure are major factors promoting decreases in carbon dioxide emission intensity; the effect of the former is more distinct than the latter. Economic growth mode and economic structure are major factors that increase carbon dioxide emission intensity, whereby the effect of the former is more distinct than the latter.
基金the National Basic Research Program of China(973 Program)(No.2012CB955904)National Natural Science Foundation(No.40905062)
文摘China, as the biggest GHG emitter and the largest developing country, has been urged by international society to take responsibilities for reducing GHG, especially in the post-Kyoto commitment period. Currently, the United Nations Framework Convention on Climate Change (UNFCCC) assigns the responsibility to parties who produce the pollution, using the production-based GHG emissions inventories. In this article, we analyze the difference between China's production- and consumption- based emission inventories and conclude that consumption-based GHG emission inventories are preferred; as it is fair that whoever consumes the emission should pay for their consumption. In addition, in order to consider environmental justice, policy-makers should take both economic and administrative measures to support poor provinces for reducing C02 emissions.
基金supported by the National Natural Science Foundation of China under Grant Nos.41201129 and71203213the Science and Technology Service Network Initiative of the Chinese Academy of Sciences under Grant No.KFJ-EW-STS-003
文摘This paper provides an extended input-occupancy-output analysis of wastewater discharge coeffcients, as well as backward and forward linkages of Chinese multi-regional industrial sectors in2007. The results show that the direct and total industrial wastewater discharge coeffcients of most of the provincial industrial sectors in China's Eastern region are lower than those of the whole country.Both backward and forward linkages of fixed-asset occupancy in industrial sectors in China's Central and Western regions are strong. The dissimilarity of cross-sectional data of the relevant industrial wastewater discharge coeffcients and linkages in multi-regional input-output analysis becomes bigger as regions are divided more extensively.