On 1 June 2017, the US President Donald Trump officially announced the withdrawal from the Paris Agreement, thus the study on the reasons of withdrawal, the potential impacts, and coping strategies has become a focus ...On 1 June 2017, the US President Donald Trump officially announced the withdrawal from the Paris Agreement, thus the study on the reasons of withdrawal, the potential impacts, and coping strategies has become a focus among policy circles and of the international community. Based on the self-developed US Policy Assessment Model, this paper systematically evaluates the three potential ＂major deficits＂ in terms of mitigation, climate finance, and global climate governance, as a result of the US withdrawal from the Paris Agreement and puts forward policy suggestions for coping with such transformations accordingly. The study shows that the United States ＇withdrawal from the Paris Agreement will affect the existence and implementation of successive climate policies and result in an additional 8.8-13.4% increase in the global emissions reduction deficit. The United States＇ withdrawal will also deteriorate the existing climate finance mechanism. The Green Climate Fund （GCF）＇s funding gap will increase by USS2 billion, while the gap of long-term climate finance will increase by about USS5 billion a year. Either the China-EU or the ＂BASIC plus＂ mechanism could fill the governance deficit caused by the United States and the lack of political momentum may continue for a while in the future.展开更多
The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multipli...The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.展开更多
基金supported by following projects:China Clean Development Mechanism Fund Project"Equity and Ambition Assessment on Major Parties NDCs under the2015 Agreement"(grant no.:2014094)"China-US Pragmatic Cooperative Technical Support Project for Climate Change"(grant no.:2013019)+2 种基金Ministry of Science and Technology Reform Specific Research and Development Project"Research on Major Urgent Issues on Climate Change after Paris Agreement,""Research on INDC and Influence and Counterplan of the Global Stocktake Mechanism"National Natural Science Foundation2017 emergency management project"the impact of the United States'withdrawal from the Paris Agreement on global climate governance and China's response strategy"
文摘On 1 June 2017, the US President Donald Trump officially announced the withdrawal from the Paris Agreement, thus the study on the reasons of withdrawal, the potential impacts, and coping strategies has become a focus among policy circles and of the international community. Based on the self-developed US Policy Assessment Model, this paper systematically evaluates the three potential ＂major deficits＂ in terms of mitigation, climate finance, and global climate governance, as a result of the US withdrawal from the Paris Agreement and puts forward policy suggestions for coping with such transformations accordingly. The study shows that the United States ＇withdrawal from the Paris Agreement will affect the existence and implementation of successive climate policies and result in an additional 8.8-13.4% increase in the global emissions reduction deficit. The United States＇ withdrawal will also deteriorate the existing climate finance mechanism. The Green Climate Fund （GCF）＇s funding gap will increase by USS2 billion, while the gap of long-term climate finance will increase by about USS5 billion a year. Either the China-EU or the ＂BASIC plus＂ mechanism could fill the governance deficit caused by the United States and the lack of political momentum may continue for a while in the future.
文摘The uncertainty about the future of firms must be modeled and incorporated in the valuation of enterprises outside the explicit period of analysis, i.e., in the continuing or terminal value （TV）. There is a multiplicity of factors that influence the TV of firms which are not being considered within current evaluation models. This aspect leads to the incurring of unrecoverable errors, thus leading to values of goodwill or bad will far away from the substantial value of intrinsic assets. As a consequence, the evaluation results will be presented markedly different from market values. There is no consensus in the scientific community about the method of computation of the TV as a forecast in an infinite horizon. The size of the terminal, or non-explicit period, assumed as infinite, is never called into question by scientific literature, or the probability of business bankruptcy. This paper aims to promote a study of the existing literature on the TV, to highlight the fragility of the evaluation models of companies that have been used by the academic community and by financial analysts, and to point out lines for future research to minimize these errors.
