Wind energy is a clean and sustainable energy, and wind power does not rely on fossil fuels. So there is no fuel price risk, and it, of course, does not include the environmental costs, such as carbon emissions. Becau...Wind energy is a clean and sustainable energy, and wind power does not rely on fossil fuels. So there is no fuel price risk, and it, of course, does not include the environmental costs, such as carbon emissions. Because of these unique advantages, wind power has gradually become an important part of the strategy of sustainable development in China. Now with the growing voices on global greenhouse gas emission reduction, and as a clean and efficient energy, wind power has huge potential in combating climate change, energy security pressures and the needs for energy. Wind power in China began to develop from the 1980s. In the first 20 years, the speed of development was slow; but since 2004, it has had an extremely rapid growth.This paper, in order to study the development mechanism of China＆amp;amp;amp;#39;s wind power industry, investigated and analyzed the status quo of wind power industry in China, and then found that （1） the development trend of wind power industry in China appears exponential growth; （2） China＆amp;amp;amp;#39;s installed capacity of wind power is still smaller than that os some other countries; （3） new subsidy policies bring developing opportunities to wind power industry in China; （4） the sectors of wind power industry are in unbalanced growing; （5） the owners of proposed wind farms are too optimistic though the built wind farm had many problems. In addition, by using the methodology of Game Theory, this paper has also constructed the matrix of pre-assessing risks of China＆amp;amp;amp;#39;s wind power industry to further discuss the potential risk factors within China＆amp;amp;amp;#39;s wind power industry as risk factors of wind farm construction, risk factors of production of wind turbines, risk factors of parts and components manufacturing industry under risk indicators like R＆amp;amp;amp;amp;D, patents, the domestic policy, the international policy, the quality of products and the market regulation, in order to provide a scientific assessment and self-assessment tool for investors or implementers, and also to promote the further development of the wind power industry.展开更多
Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investm...Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.展开更多
From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing fu...From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing functions of time, and when the option equals the yield, the investment opportunity cost is the least, which is the appropriate time for the enterprise investment. Under the condition that the investment yield is an increasing function of time, the investment opportunity cost is also an increasing function of time after the time when the investment option equals the investment yield. So the investors should invest as soon as possible, otherwise they should stop investment forever in this project. It is impossible to acquire more investment yields by indefinitely delaying the investment. Meanwhile, the study also shows that the martingale method, used widely in financial investment theory, is a powerful tool for enterprise investment decision making.展开更多
In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind b...In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.展开更多
Coalbed methane(CBM) commercial development requires choosing the arrangement of the wells.This should be done by considering the corresponding input-output(investment-profit) efficiencies.Simulations were obtained fr...Coalbed methane(CBM) commercial development requires choosing the arrangement of the wells.This should be done by considering the corresponding input-output(investment-profit) efficiencies.Simulations were obtained from the computer modeling group(CMG) given the reservoir conditions of the Panzhuang block in the southern part of the Qinshui Basin.This is a demonstration region for CBM development located in Shanxi province of northern China.The sensitivity of gas production from a single vertical well to the primary reservoir parameters was estimated first.Then multi-well gas production from three different well patterns was simulated to estimate the most appropriate well spacing.Combining the investment requirements then gave investment-profit efficiencies for these well patterns.A data envelopment analysis(DEA) model was used to optimize the efficiency.The results show that the permeability,the reservoir pressure,and the gas content have an evident impact on single well gas production.The desorption time has little or no affect on production.The equilateral triangular well pattern(ETWP) in a 400 m well spacing is,for multi-well development,the optimal pattern.It has a better input-output ratio,a longer stable yield time,and provides for greater CBM recovery than does either the rectangular well pattern(RWP) or the five point well pattern(FPWP).展开更多
This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor ...This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.展开更多
Scenario approach is a widely used tool in portfolio risk management,however,it often runs into dilemma when determining the distribution of asset returns with insufficient information,which will be used to simulate t...Scenario approach is a widely used tool in portfolio risk management,however,it often runs into dilemma when determining the distribution of asset returns with insufficient information,which will be used to simulate the scenarios.Also the quality of generated scenarios are not guaranteed even when the distribution of asset returns is known exactly.A set-valued scenario approach was proposed by Zhu,et al.(2015)as a possible remedy.As a necessary supplement of the results proposed by Zhu,et al.(2015),this paper theoretically investigates the convergent property of the numerical solution based on the set-valued scenario approach under the condition that the underlying distribution is known.展开更多
This paper studies the optimal dividend problem in the diffusion model with stochastic return on investments. The insurance company invests its surplus in a financial market. More specially, the authors consider the c...This paper studies the optimal dividend problem in the diffusion model with stochastic return on investments. The insurance company invests its surplus in a financial market. More specially, the authors consider the case of investment in a Black-Scholes market with risky asset such as stock. The classical problem is to find the optimal dividend payment strategy that maximizes the expectation of discounted dividend payment until ruin. Motivated by the idea of Thonhauser and Albrecher （2007）, we take the lifetime of the controlled risk process into account, that is, the value function considers both the expectation of discounted dividend payment and the time value of ruin. The authors conclude that the optimal dividend strategy is a barrier strategy for the unbounded dividend payment case and is of threshold type for the bounded dividend payment case.展开更多
基金supported by National Key Project of Scientific and Technical Supporting Programs Funded by Ministry of Science & Technology of China in the 11th Five-Year Plan(Grant No.2007BAC03A12)
文摘Wind energy is a clean and sustainable energy, and wind power does not rely on fossil fuels. So there is no fuel price risk, and it, of course, does not include the environmental costs, such as carbon emissions. Because of these unique advantages, wind power has gradually become an important part of the strategy of sustainable development in China. Now with the growing voices on global greenhouse gas emission reduction, and as a clean and efficient energy, wind power has huge potential in combating climate change, energy security pressures and the needs for energy. Wind power in China began to develop from the 1980s. In the first 20 years, the speed of development was slow; but since 2004, it has had an extremely rapid growth.This paper, in order to study the development mechanism of China＆amp;amp;amp;#39;s wind power industry, investigated and analyzed the status quo of wind power industry in China, and then found that （1） the development trend of wind power industry in China appears exponential growth; （2） China＆amp;amp;amp;#39;s installed capacity of wind power is still smaller than that os some other countries; （3） new subsidy policies bring developing opportunities to wind power industry in China; （4） the sectors of wind power industry are in unbalanced growing; （5） the owners of proposed wind farms are too optimistic though the built wind farm had many problems. In addition, by using the methodology of Game Theory, this paper has also constructed the matrix of pre-assessing risks of China＆amp;amp;amp;#39;s wind power industry to further discuss the potential risk factors within China＆amp;amp;amp;#39;s wind power industry as risk factors of wind farm construction, risk factors of production of wind turbines, risk factors of parts and components manufacturing industry under risk indicators like R＆amp;amp;amp;amp;D, patents, the domestic policy, the international policy, the quality of products and the market regulation, in order to provide a scientific assessment and self-assessment tool for investors or implementers, and also to promote the further development of the wind power industry.
文摘Public-Private Partnership （PPP） financing modalily has the ability of alleviating the budgetary pressure to the government. fulfilling the need of infrastructure development, and improving the efficiency of investment and operation. However, the negotiations between the government and the investors are time-consuming and costly, due to the perspective differences in risk allocation and revenue distribution. Disputes often arise during concession period because of changes in various risks or non-performance of its obligalions, especially when one sector was forced to accept the requirements by the other as a result of the unequal status, the project urgency or other reasons. Only a few PPP projects in China could perform successfully. There is therefore a need to develop an equitable risk allocation mechanism for the delivery of PPP projects in China so as to improve the efficiency of private investment in infrastructure development.
文摘From the point of view of the basic option model, enterprise investment decision making under uncertainty is studied based on the martingale method. The study shows that investment options and yields are increasing functions of time, and when the option equals the yield, the investment opportunity cost is the least, which is the appropriate time for the enterprise investment. Under the condition that the investment yield is an increasing function of time, the investment opportunity cost is also an increasing function of time after the time when the investment option equals the investment yield. So the investors should invest as soon as possible, otherwise they should stop investment forever in this project. It is impossible to acquire more investment yields by indefinitely delaying the investment. Meanwhile, the study also shows that the martingale method, used widely in financial investment theory, is a powerful tool for enterprise investment decision making.
文摘In this paper, two kinds of models are presented and optimized for project investment risk income on the basis of probability χ distribution. One kind of model being proved has only a maximal value and another kind being proved has no extreme values.
基金supported by the National Natural Science Foundation of China (No. 40972207)the National Science and Technology Major Projects (No. 2011ZX05034-005)the PAPD of Jiangsu Higher Education Institutions
文摘Coalbed methane(CBM) commercial development requires choosing the arrangement of the wells.This should be done by considering the corresponding input-output(investment-profit) efficiencies.Simulations were obtained from the computer modeling group(CMG) given the reservoir conditions of the Panzhuang block in the southern part of the Qinshui Basin.This is a demonstration region for CBM development located in Shanxi province of northern China.The sensitivity of gas production from a single vertical well to the primary reservoir parameters was estimated first.Then multi-well gas production from three different well patterns was simulated to estimate the most appropriate well spacing.Combining the investment requirements then gave investment-profit efficiencies for these well patterns.A data envelopment analysis(DEA) model was used to optimize the efficiency.The results show that the permeability,the reservoir pressure,and the gas content have an evident impact on single well gas production.The desorption time has little or no affect on production.The equilateral triangular well pattern(ETWP) in a 400 m well spacing is,for multi-well development,the optimal pattern.It has a better input-output ratio,a longer stable yield time,and provides for greater CBM recovery than does either the rectangular well pattern(RWP) or the five point well pattern(FPWP).
文摘This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.
基金partially supported by the National Natural Science Foundation of China under Grant Nos.71471180,61170107,71571062the National Natural Science Foundation of Hebei Normal University under Grant No.L2011Z12
文摘Scenario approach is a widely used tool in portfolio risk management,however,it often runs into dilemma when determining the distribution of asset returns with insufficient information,which will be used to simulate the scenarios.Also the quality of generated scenarios are not guaranteed even when the distribution of asset returns is known exactly.A set-valued scenario approach was proposed by Zhu,et al.(2015)as a possible remedy.As a necessary supplement of the results proposed by Zhu,et al.(2015),this paper theoretically investigates the convergent property of the numerical solution based on the set-valued scenario approach under the condition that the underlying distribution is known.
基金This work is supported by the National Basic Research Program of China （973 Program） under Grant No. 2007CB814905 and the National Natural Science Foundation of China under Grant No. 10871102.
文摘This paper studies the optimal dividend problem in the diffusion model with stochastic return on investments. The insurance company invests its surplus in a financial market. More specially, the authors consider the case of investment in a Black-Scholes market with risky asset such as stock. The classical problem is to find the optimal dividend payment strategy that maximizes the expectation of discounted dividend payment until ruin. Motivated by the idea of Thonhauser and Albrecher （2007）, we take the lifetime of the controlled risk process into account, that is, the value function considers both the expectation of discounted dividend payment and the time value of ruin. The authors conclude that the optimal dividend strategy is a barrier strategy for the unbounded dividend payment case and is of threshold type for the bounded dividend payment case.
