Policy Adjustments Required to Balance China's International Payments——A theoretical analysis of China's excess foreign exchange reserves

The paper deals with the rapid growing twin surpluses and surging foreign exchange reserves in China’s international accounts withessed in recent years.It observes the characteristics of the phenomenon against the standard economic theory and empirical experiences.Then it offers explanation factors:the combined effects of processing trade and foreign direct investments,China’s opening development model underpinned by the intra-product specialization of the contemporary globalization era,and the undervalued exchange rate for the Chinese currency.

A Study on the Privatization Decisions of China Concepts Stock Based on the Tax Shield Effect

In this paper, we construct a company value model based on the tax shield effect for overseas listing and privatization scenarios. The trade-off process of privatization decisions is simulated in the context of China concept stock companies’ reality. The results indicate that the value of tax shields, the degree of undervaluation, the ability to obtain cash flows, the risk of short selling, the cost of listing transactions, and fraud penalties are critical factors influencing the choice of privatization. The company value analysis shows that tax shield effect positively affects the probability of privatization. Furthermore, the weaker the ability of a company to obtain cash flow when listed overseas, the lower the WACC, the higher the risk of being shorted, and the higher the cost of listing transactions, the higher the probability that a company will choose to go private. Finally, numerical simulations are adopted to validate the validity of the theoretical model and the findings using SINA’s privatization as a case study. The findings can provide academic guidance and a decision-making basis on trading arrangements for CCS companies.

A global view of regulatory ecosystem services:existed knowledge,trends,and research gaps

Ecosystem services(ES)are growing fields of research.It helps to provide an inherent way to understand the synergy and trade-offs between human beings and their natural environment.Regulatory ecosystem services(RES)are significantly important to maintaining the world in which people can live,and control the negative effects of flood,disasters,and diseases.It can also provide regulatory services like ecosystem protection,human safety,and the provision of other ES.However,emerging ES decision-making agendas focus on ES that is tangible and has a direct link with human well-being.Thus,the attention given to RES is low due to its less tangible benefits and complexity to measure the benefits.Disregarding and lack of attention from policymakers and scientific community may lead to unintended risks to human well-being and significant influences on the provision of other ES.This study describes the research trends on RES,knowledge generated,and the major limitation.We concluded that though there is an exponential growth of scientific publications on ES,no adequate studies were found on RES.Also,the existed studies varied in their size and types of RES indicators covered,habitats/ecosystems,and geographic extent addressed.There was also a lack of connecting knowledge generated on the benefits of RES with the national policy of natural resource management,inconsistency of ES classification,and methodological diversity.Therefore,scientific communities are promoted to link RES studies with human health.Besides,the researcher should give priority for the least studied ecosystems and its services,developing robust methodology,and proposing management options to enhance the regulatory services of ecosystems.