The three-factor model of evaluating mining rights of coal resources based on options

Since mining rights of coal resources(for short MRCR) could be regarded as a multi-stage compound real option,the evaluation for MRCR can be better solved using op- tion theory than the NPV.In the former research,we developed a two-factor model of evaluating MRCR when the coal spot price and convenience yield are stochastic based on option theory.On the basis of this two-factor model,we set up a three-factor model of evaluating MRCR when the interest rate followed a stochastic process.Through a real example application,we found the model can get higher values than the two-factor model and the NPV.This is because considering the volatility of interest rate can improve the executive opportunity of MRCR.

The two-factor model of evaluating mining rights of coal resources based on options

MRCR could be regarded as a multi-stage compounding real option,based on option theory,assuming the convenience yield of coal reserves to be constant,built a one-factor model of valuating MRCR with the stochastic value of coal reserves.On the basis of our one-factor model,set up a two-factor model of evaluating MRCR assuming the convenience yield follows the mean-reverting process.When applied to valuate the MRCR of a coalmine,this model gives higher values than the one-factor model and the NPV.This is because the increase of convenience yield can improve the executive oppor- tunity of MRCR.

Optioning Water Rights:A Potential Alternative to the Hanjiang-Weihe River Water Transfer Project,China

China has started shifting from relying on supply management to demand management strategy in addressing its water shortage problems.Water option,a financial derivative for water commodity,has been utilized to manage water demands in the United States and Europe since the 1990 s but is still novel to China.In this study we analyzed the pros and cons of China’s existing system for water rights transfers and proposed an alternative,flexible trading instrument-water options for China.Incorporating the uncertainty to water option pricing,this study first conducted an empirical analysis of the water option in the water-receiving area of the Hanjiang-Weihe River Transfer Project of China,and then evaluated the benefits of the water option applications.Results show that water option trading can bring water cost saving and increase the potential industrially added value for industrial enterprises in the receiving area,and trading of short-and-medium term water options is more favorable than the long-term water options trading.The novel water option trading proposed in this study,once verified through pilot studies,will be helpful in addressing water shortage problems in China.

How Load Aggregators Avoid Risks in Spot Electricity Market:In the Framework of Power Consumption Right Option Contracts

There is uncertainty in the electricity price of spot electricity market,which makes load aggregators undertake price risks for their agent users.In order to allow load aggregators to reduce the spot market price risk,scholars have proposed many solutions,such as improving the declaration decision-making model,signing power mutual insurance contracts,and adding energy storage and mobilizing demand-side resources to respond.In terms of demand side,calling flexible demand-side resources can be considered as a key solution.The user’s power consumption rights(PCRs)are core contents of the demand-side resources.However,there have been few studies on the pricing of PCR contracts and transaction decisions to solve the problem of price forecast deviation and to manage the uncertainty of spot market prices.In addition,in traditional PCR contracts,PCRs are mostly priced using a single price mechanism,that is,the power user is compensated for part of the electricity that was interrupted or reduced in power supply.However,some power users might engage in speculative behaviours under this mechanism.Further,for load aggregators,their price risk avoidance ability has not substantially improved.As a financial derivative,options can solve the above problems.In this article,firstly,the option method is used to build an option pricing optimization model for power consumption right contracts that can calculate the optimal option premium and strike price of option contracts of power consumption rights.Secondly,from the perspective of power users and load aggregators,a simulation model of power consumption right transaction decision-making is constructed.The results of calculation examples show that(1)Under the model in this article,the pricing of option contracts for power consumption rights with better risk aversion capabilities than traditional compensation contracts can be obtained.(2)The decision to sell or purchase the power consumption rights will converge at respective highvalue periods,and option contracts will expedite the process.(3)Option contracts can significantly reduce the loss caused by the uncertainty of spot electricity prices for load aggregators without reducing users’willingness to sell power consumption rights.

Five Years after the Entry of Force of the Optional Protocol to the International Covenant on Economic,Social and Cultural Rights: Some Observations

The optional Protocol to the international covenant on economic, Social and cultural Right was adopted in 2008 and entered into force in 2013? During the five years after its entry into force, 23 States have ratified the optional Protocol, and 23 individual communications have been submitted to the committee on economic,Social and cultural Rights? comparing with the acceptance of individual communication procedures under other core international human rights treaties, the record of ratification of the optional Protocol is not satisfactory? in its examination of individual communications,the committee on economic, Social and cultural Rights has made detailed reasoning, extensively referred to its previous general comments, and in case of violations found, suggested both specific and general remedies? in its practice of examining individual communications, the committee on economic, Social and cultural Rights needs to clarify and define the rights under the covenant and their corresponding obligations, while maintaining its nature and role as a supervisory body, without expanding its competence to an unacceptable extent?

油气探矿权出让区块价值评估技术及其应用——基于蒙特卡罗模拟的折现现金流法

针对油气矿产资源在勘探开发中存在地质条件、勘探开发技术、市场等方面的不确定性,提出了基于蒙特卡罗模拟的折现现金流经济评价方法来评估油气探矿权价值。该方法可在油气探矿权内预期的资源量、勘探开发投入、操作成本及油气销售收入存在不确定性的情形下,获得不同概率的油气探矿权估值,进而为竞价方案编制提供依据。该方法应用于新疆塔里木盆地某油气探矿权出让区块的价值评估,获得该区块多个竞争报价,对应企业内部收益率发生的概率,评估得出以报价4.85亿元竞得该区块探矿权时,企业内部收益率大于8%发生的概率为75.4%。最终该区块的探矿权以4.853 2亿元成交,表明该评价方法切实可行。基于蒙特卡罗模拟的折现现金流经济评价方法可为企业适应油气探矿权竞争性出让政策提供决策依据,这对企业公开竞争获取油气探矿权有重要现实意义。

基于收益途径的有色金属采矿权评估方法

通过对收益途径评估采矿权价值的三种方法进行阐述,比较其不同之处,并结合有色金属采矿权评估的特点,分析有色金属采矿权评估中不同情况下评估方法的选择,并说明有色金属价格剧烈波动,需要结合相应有色金属产业链传导机制并使用合适的价格预测模型预测有色金属价格,同时根据不同矿种引入特有风险计算折现率。此外可以将有色金属开采过程中的碳排放成本内部化,更好地平衡环境保护和矿产资源开采之间的关系。

Unroofed coronary sinus,left-sided superior vena cava and mitral insufficiency:A case report and review of the literature

BACKGROUND Unroofed coronary sinus(UCS)is a rare subtype of atrial septal defect.It is frequently associated with a persistent left superior vena cava and is often part of a more intricate cardiac malformation.CASE SUMMARY This report describes a rare case of an adolescent patient with UCS featuring atrial situs solitus,absence of the right superior vena cava and a persistent left superior vena cava draining into the left atrium consistent with total unroofing of the coronary sinus.This was associated with concurrent severe mitral insufficiency secondary to redundant and prolapsing leaflets,and a substantial left-to-right shunt across the coronary sinus orifice.A comprehensive examination of the existing literature is included,shedding light on the diagnostic challenges of UCS and describing the available surgical options within the context of mitral valve surgery.CONCLUSION UCS is a complex condition requiring careful consideration of associated anomalies and a tailored surgical approach.

论人寿保险投保人破产时债权人与受益人的平衡保护

保单现金价值强制执行的研究为分析保单现金价值是否构成投保人的破产财产提供了基础。司法实践中,主张保单现金价值归属于保险人的少数见解并无说服力,法院将投保人行使解除权作为保险人给付保单现金价值所附条件的解释不具合理性。若投保人放弃了变更受益人的处分权,保单现金价值就属于受益人所有。人寿保险合同的财产合同性质使其不会受到人身专属性的限制而无法被归入破产财产。投保人被法院宣告破产后,破产管理人可行使保险合同解除权将保单现金价值纳入破产财产。以平衡保护受益人利益为目标的介入权制度体系是以《民法典》上的第三人代为履行制度为依托,且在立足实践经验的基础上仍有必要借鉴德国法关于介入权主体、介入期限的规定。

实际控制人境外居留权与公司现金持有量

结合高层梯队理论指出的管理层特征会影响公司财务决策的观点,文章选择2010-2020年沪深A股民营上市公司为研究样本,实证检验实际控制人境外居留权对公司现金持有量的影响及作用机制。结果发现,实际控制人取得境外居留权会增加公司现金持有量,且实际控制人短视在两者关系间发挥部分中介效应。进一步分析发现,实际控制人境外居留权对公司现金持有量的提升作用在地处非一线城市、资产规模小、高科技属性、社会责任信息披露少等类型的公司中更明显。研究结论为上市公司进一步完善内部治理框架和监管部门持续加强监管体系建设等提供了经验支持。

上市公司控制人侵占行为研究——基于控制权与现金流权的视角

由于上市公司的股票价值与公司治理密切相关,良好的公司治理对于公司价值具有显著的提升效果,控制人的过度侵占行为则会降低公司价值。本文将基于微观角度,以上市公司治理为目标,通过建立双重股权结构模型、金字塔股权结构模型、交叉持股股权结构模型,分析现金流权与控制权的分配在公司治理中的表现。本文研究发现,国有企业比私营企业有着更大的控制权侵占放大系数,现金流权与控制权的分离将增加控制人的侵占行为,发生过度投资行为。目前,上市企业依然有着较强的侵占预期,为了减少过度侵占行为,保护股东利益和维护公司价值,本文建议通过在内部提升治理机制和外部增加监督成本的方式,来增强公司对资源的分配效率。

两值期权价值的推导

假设lnST是正态分布的随机变量,股票期望收益率、股价波动率、无风险利率三者都是常量,运用风险中性定价原则,推导两值期权在任意时刻t∈[0,T]的价值.并且证明得到的两值期权价值计算公式和求解偏微分方程的结果一致.

次分数环境下标的股票有分红和配股的亚式期权定价

针对次分数环境下标的股票有连续分红且配、送股次数随机的几何平均亚式期权的定价问题,利用随机分析方法得到了几何平均亚式看涨、看跌期权的定价公式及其平价关系。数值模拟结果表明,几何平均亚式看涨、看跌期权的价格与配、送股比例,配股价和除权除息前股价呈不同的变化趋势,但均与Hurst指数成反比。该研究对丰富期权定价模型具有理论意义,同时为我国金融市场的期权投资者提供了参考依据。

女性高管参与对企业绿色创新的影响:促进还是抑制

企业绿色创新对企业经济绩效与环境保护具有双重贡献。以2010—2020年中国沪深两市A股非金融类上市公司为研究样本,实证检验了女性高管参与对企业绿色创新的影响。研究发现,女性高管参与会显著抑制企业绿色创新,且控股股东的控制权与现金流权两权分离会强化这一抑制作用。异质性分析发现,较之于绿色实用新型专利,女性高管参与对绿色发明专利的抑制作用更强。机制检验表明,高管团队风险偏好在女性高管参与抑制企业绿色创新的机制中起到部分中介作用。进一步研究发现,在女性高管平均受教育水平较低、民营产权性质、位于内陆地区、两职分离的企业中,女性高管参与对企业绿色创新的抑制作用更显著。本研究为企业绿色创新研究提供了新视角,研究结论对企业实施绿色创新战略及政府部门制定相关政策具有启示意义与参考价值。

Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

黄河流域跨省(区)水权交易制度建设策略研究

黄河流域各省(自治区)20年的水权改革实践表明,水权交易制度能够有效提升水资源集约节约安全利用能力,保障能源供给、粮食生产、生态安全的用水需求。分析了黄河流域水权交易制度建设三大难点,介绍了国外水权交易实践启示,从提升供给能力、加快平台建设、推进模式创新三个方面提出黄河流域跨省(区)水权交易制度建设的策略。

网络直播营销中消费者权益保护的现实难题及法律选择

在推动网络直播营销高质量发展进程中,消费者权益保护面临取证难度大、维权成本高等多元问题,影响了消费者合法权益的有效维护。为适应网络直播营销新趋势,需要正视消费者权益保护的现实难题,积极完善法律法规,切实保障消费者的合法权益。本文通过对网络直播营销的发展趋势及消费者权益保护的主要特征进行分析,并针对消费者权益保护的现实难题,提出相应的法律建议,以供参考。

Design of the contingent royalty rate as related to the type of investment

This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost comprises private information.This,together with the stochastic evolution of the price of the output generated from the auctioned project,precludes the seller from setting the exact dates of investment with the winner.However,the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue.We derive two main conclusions.First,compared with the case in which investment is lumpy with an exogenously given intensity,the seller can set a lower royalty rate on incremental investment because she can collect additional royalty payments from the winner,who has the option to later expand capacity.Second,the impact of output price uncertainty on the optimal royalty rate for the three types of investments exhibits two different patterns.When investment is either incremental or lumpy with an exogenously given intensity,greater output price uncertainty reduces the royalty rate.When investment is lumpy with variable intensity,greater output uncertainty raises the royalty rate.Our results imply that auctioneers may charge differential royalty rates for different types of investments.

员工福利、融资约束与现金持有——基于中国资本市场的经验证据

从公司内部治理中的代理成本动机角度出发,以我国沪深两市上市公司2013-2021年的数据为研究对象,实证研究员工福利水平对企业现金持有的财务决策行为影响。研究发现:在我国新兴资本市场经济下,代表公司内部治理机制的员工福利与企业现金持有量存在负向关系,支持公司治理机制的代理成本动机。考虑融资约束的中介作用,通过“三步法”原则检验发现员工福利对融资约束具有抑制作用,融资约束在员工福利水平与现金持有的负相关关系中发挥部分中介作用。考虑企业所有权性质差异与行业竞争强度等因素的影响,发现非国有企业和行业竞争强度较大的企业员工福利与现金持有量的负相关关系更为突出,依然证明代理成本动机的存在。

诉讼权利保护视角下智慧法院的逻辑起点与建设路径

为回应接近正义运动和科技进步的要求,智慧法院将新兴科技手段应用于法院的审判和管理工作中,是司法智能化的产物。智慧法院的建设,不仅要在制度设计中关注诉讼效率的提高,也要重视当事人诉讼权利的保护。权利作为法理学的基础概念,应是智慧法院正当性的逻辑起点;应以权利救济为逻辑基础、以程序选择权为逻辑重点,推进智慧法院的建设。智慧法院建设应以权利为起点进行顶层设计,以为当事人提供多种程序选择权来实现诉讼权利保护,并以程序选择权为重点提供制度保障。