The preservation of farmland is a growing concern in China because the fact that China possesses limited land resources and the world's largest population presents a clear contradiction. Only when the value of far...The preservation of farmland is a growing concern in China because the fact that China possesses limited land resources and the world's largest population presents a clear contradiction. Only when the value of farmland is fully appreciated in commercial markets can farmland preservation be effectively achieved. The current study constructed a model to evaluate the economic, social, and ecological value of farmland in China according to the connotation of values. As a case study, the value of Chinese farmland was estimated in 1999, 2002, 2005, 2008, and 2011 using the established model. Although the amount of farmland was greatly reduced from 1999 to 2011 due to constructive occupation, agricultural restructuring, ecological restoration, and disaster destruction, the value of this farmland increased from 220.71×1012 to 736.26×1012 RMB Yuan as a result of the multifunctional nature and scarcity of farmland during the same period. The potential value of farmland in China was huge, but the value in the market was greatly underestimated, especially in regard to its social and ecological value. This study proposes a new method that integrates the discounted value of all future services provided by a natural resource(for the society and individuals) to evaluate the resource assets, provides a scientific foundation for the preservation and operation of farmland assets, and explores ways to increase farmers' property income.展开更多
In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the a...In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the author established the mathematical model of the adjustment of the optimal price of the substituting commodity.展开更多
The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for i...The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.展开更多
基金supported by the Fundamental Research Funds for the Central Universities(Grant Nos.XDJK2012C104)the National Science and Technology Major Project of the Ministry of Science and Technology of China(Grant Nos.2012ZX07104-004)the International S & T Cooperation Program of China(Grant Nos.2013DFG92520)
文摘The preservation of farmland is a growing concern in China because the fact that China possesses limited land resources and the world's largest population presents a clear contradiction. Only when the value of farmland is fully appreciated in commercial markets can farmland preservation be effectively achieved. The current study constructed a model to evaluate the economic, social, and ecological value of farmland in China according to the connotation of values. As a case study, the value of Chinese farmland was estimated in 1999, 2002, 2005, 2008, and 2011 using the established model. Although the amount of farmland was greatly reduced from 1999 to 2011 due to constructive occupation, agricultural restructuring, ecological restoration, and disaster destruction, the value of this farmland increased from 220.71×1012 to 736.26×1012 RMB Yuan as a result of the multifunctional nature and scarcity of farmland during the same period. The potential value of farmland in China was huge, but the value in the market was greatly underestimated, especially in regard to its social and ecological value. This study proposes a new method that integrates the discounted value of all future services provided by a natural resource(for the society and individuals) to evaluate the resource assets, provides a scientific foundation for the preservation and operation of farmland assets, and explores ways to increase farmers' property income.
文摘In this paper, from the two economic concepts of the price elasticity of demand and the cross elasticity of demand, under the assumption that the operator＇s management goal is to obtain the profit maximization, the author established the mathematical model of the adjustment of the optimal price of the substituting commodity.
文摘The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.
