Improving Investment and Financing Mechanism, Speeding up the Energy Reform Process-Interpretation to Implementing Opinions on Deepening Reform of Investment and Financing System in Energy Industry

Under the context of economic transformation and upgrading and the continued advancement of supplyside reforms in China, the development of the energy industry is confronted with many problems and challenges, such as insufficient energy investment, a shortage of financing channels,and the low participation of social capital. In order to fully mobilize social capital to invest in energy, enhance energy investment efficiency, expand energy financing channels,and increase the vitality of the energy industry, the state has recently issued the Implementing Opinions on Deepening the Reform of Investment and the Financing System in the Energy Industry( "Opinions"). This paper provides a deep interpretation of this document from the perspectives of the background for the investment and financing system reform in the energy industry,the main content of the reform, the problems and challenges confronting the reform,and the expected effects from the reform, and analyzes the objectives, ideas and problems of the reform, in order to effectively promote the investment and financing system reform in the energy industry.

Research on Mechanism of Diversified Investment and Financing in Building Ecological Cities

Ecological city is the advanced mode of harmonious development of city. Constant improvement is being made in the development of ecological city. However, building ecological city is an enormous project that calls for a huge amount of capital. The government fund is far from adequate. This paper probes into the fund issue and discusses in detail the mechanism of investment and financing in building ecological city from various aspects such as diversification of the investment subjects and the modes of financing.

Innovation and Development Strategies of Investment and Financing Modes for Circular Economy

Circular economy adapts to large-scale production, has higher requirement on technical level, and possesses positive externality. There- fore, circular economy requires a lot of financial support. Facing investment and financing problems of circular economy by enterprise, the govern- ment should strengthen the regulatory role, increase investment support on circular economy, strengthen the bank＇s green credit business, reduce barriers to business loans, diversify financing channels for enterprises, guide social investment＇s flow direction, and promote circular economy form- ing larger scale, thereby providing policy support for building a resource-saving and environment-friendly society.

Rejuvenating Northeastern Area and Reforming the System of Investing and Financing

The system of investing and financing in northeastern area has the character of planned economy. Project conducting is our main strategy in any large-scale area rejuvenating plan, which has been proved lack of sustainable development. This paper proposes some suggestion to reform the system of investing and financing.

The Metro Investment and Financing in Domestic and Overseas

The paper analyzes several representative overseas investment models, afterwards to domestic actuality of investment and financing in metro development, then advise about intemalunderground investment and financing after comparison.

Analysis on Construction and Operation of Pumped-Storage Stations in China

Through investigation and analysis on typical system of pumped-storage stations built in China, this paper approaches the investment andfinancing policies, electricity pricing policies and management modes for suchstations. In order to find out the actual operation situations, eight pumped-storage stations in five provinces (municipality) were investigated, and analysesand calculations were carried out on their investments, benefits, capabilities ofloan-repaying etc. During the investigation and study, the types and the installedcapacities of the stations were paid close attention to, so they were made morerepresentative to reflect the present situation of pumped-storage stations inrespect of construction and operation.

Coal price fluctuations and the impact on financial risk Evidence from China＇s coal listed companies

With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.

Review on China Power Economy in 2004 and Near-Term Prospects

This paper introduces overall policy and economic environment for power industry in China. Thepolicy environment tends to be favorable, while the economic environment seems worrisome. The latter ismainly due to energy transportation blocking and price escalating. The paper also introduces the performanceand development of listed power companies, and points out that the power stock market is still promising andpower industry is still valuable for investment.

The effect of option trading

This paper studies the effect of option trading on corporate investment and financing policies.Based on prior literature,I hypothesize that option market induces informed trading and thus reduces information asymmetry and the cost of capital.As a result,firms with high option trading have more investment and financing.Specifically,based on the United States public data,this paper finds that option trading volume increases corporate investment and financing,but reduces cash holdings and corporate payouts.These results are robust to the inclusion of industry or firm fixed effect,a control for endogenous options trading,and the use of alternative measures of option trading and corporate policies.The effect of option trading is stronger for firms with higher information asymmetry problems.Finally,this paper finds the results are inconsistent with the“quiet Life”hypothesis and the catering hypothesis.