As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its co...As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its comprehensive efficiency.Based on the requirements of“double carbon”and rural revitalization strategy for the rural Power Grid,this paper focuses on the modernization and low-carbon transformation of the rural Power Grid.It constructs an input-output index system for the investment efficiency of the rural Power Grid in China under the new situation.It uses the primary data of the rural Power Grid of 30 prefecture-level cities in China from 2019 to 2021 to evaluate the investment efficiency of the rural Power Grid in China through a three-stage DEA model.The empirical results show that:considering the regional differences,the comprehensive efficiency of the rural Power Grid in backward areas is significantly improved;that is,the three-stage DEA method can more objectively evaluate the comprehensive efficiency of the rural Power Grid.In the context of the continued promotion of the rural revitalization strategy,to improve the comprehensive efficiency of the rural Power Grid,it is necessary to improve the technical level of the rural Power Grid further and appropriately expand the scale of investment in the rural Power Grid.展开更多
Although investment is regarded as a key force of China’s economic growth, little study has been done to measure China’s investment efficiency. The present paper applies the data envelopment analysis (DEA) to Chines...Although investment is regarded as a key force of China’s economic growth, little study has been done to measure China’s investment efficiency. The present paper applies the data envelopment analysis (DEA) to Chinese provincial panel data from the year 2003 to 2008 for measuring the investment efficiencies and identifying their trends of Chinese 30 provinces and autonomous regions. A cross-efficient DEA model with considering benevolent formulation is used for providing accurate efficiency scores and completely ranking. The empirical results suggest that the differences of investment efficiency in different regions are distinct but tending to diminish year by year, and the investment efficiencies in some provinces are significantly correlated to their investment rates to the national total investment.展开更多
Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities a...Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.展开更多
This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), ...This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.展开更多
This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher in...This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.展开更多
In the last four decades, there were several energy crises caused by various factors including peak oil production in majorindustrial nations where energy price increased due to shortage in supply. Back then, energy e...In the last four decades, there were several energy crises caused by various factors including peak oil production in majorindustrial nations where energy price increased due to shortage in supply. Back then, energy efficiency improvement was a big subjectto conserve energy. Today, over 80% of current energy needs are derived from fossil fuels, and with the low crude oil price of USD45per barrel there is no conservation incentive for energy users, However, climate change caused by already accelerated emission ofgreenhouse gases into the Earth's atmosphere would be aggravated by a combination of low oil prices and abundance of supply.Therefore, corporations should start energy efficiency campaigns for the purpose of combating climate change by reducing greenhousegas emissions especially for process plants with large energy consumption. The campaigns should include energy management, use ofhigh energy efficient equipment and systems that monitor and optimize the use of energy. Energy benchmarking exercises would helpto check and monitor energy efficiency performance level for continuous improvement.展开更多
A major drawback of Mean-Variance and Stochastic Dominance investment criteria is that they may fail to determine dominance even in situations when all “reasonable” decision-makers would clearly prefer one alternati...A major drawback of Mean-Variance and Stochastic Dominance investment criteria is that they may fail to determine dominance even in situations when all “reasonable” decision-makers would clearly prefer one alternative over another. Leshno and Levy [1] suggest Almost Stochastic Dominance (ASD) as a remedy. This paper develops algorithms for deriving the ASD efficient sets. Empirical application reveals that the improvement to the efficient sets implied by ASD is substantial (64% reduction for FSD). Direct expected utility maximization shows that investment portfolios excluded from the ASD efficient set would not have been chosen by any investors with reasonable preferences.展开更多
The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores us...The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores using panel fixed effects models.We examine the processes underlying the influence of ESG scores on the performance of corporate green innovation as well as any potential inequalities in this impact under different moderating factors.To conduct our analysis we use data from Chinese-listed A-shares on the Shanghai and Shenzhen stock exchanges from 2010 to 2019.Our study demonstrates a relationship between corporate green innovation and ESG ratings indicating that higher ESG ratings assist businesses in achieving better green innovation results.This beneficial effect is evident both numerically and qualitatively and it continues to hold up even after being put through several demanding tests.Additionally we pinpoint two main ways that ESG encourages corporate green innovation by boosting government-enterprise ties and strengthening corporate investment efficiency.We also note that while business characteristics aligned with sustainability further enhance the favorable influence of ESG on green innovation performance characteristics linked to ecologically detrimental activities impede the contribution of ESG to green innovation.Our study adds to the body of knowledge already available on corporate environmental performance and green finance by offering empirical insights that can help enhance corporate environmental development and improve the ESG rating system.展开更多
Retrofitting existing buildings has emerged as a primary strategy for reducing energy use and carbon emissions, both nationally and in cities. Despite the increasing awareness of retrofitting opportunities and a growi...Retrofitting existing buildings has emerged as a primary strategy for reducing energy use and carbon emissions, both nationally and in cities. Despite the increasing awareness of retrofitting opportunities and a growing portfolio of successful case studies, little is known about the decision-making processes of building owners and asset managers with respect to energy efficiency investments. Specifically, the research presented here examines the effects of ownership type, tenant demand, and real estate market location on building energy retrofit decisions in the commercial office sector. This paper uses an original, detailed survey of asset managers of 763 office buildings in nineteen cities sampled from the CBRE, Inc. portfolio. Controlling for various building characteristics, the results demonstrate that ownership type and local market do, in fact, influence the retrofit decision.Overall, this analysis provides new evidence for the importance of understanding ownership type and the varying motivations of differing types of owners in building energy efficiency investment decisions. The findings of both the survey analysis and the predictive model demonstrate additional support for the targeting of energy efficiency incentives and outreach based on ownership entity, local market conditions, and specific physical building characteristics.展开更多
Marx's theory of the law of diminishing land fertility is an indispensable part of Marx's theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component o...Marx's theory of the law of diminishing land fertility is an indispensable part of Marx's theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component of the theory. China's theoretical circles have held a total negative attitude towards the theory for a long term, which has brought serious consequences to research on agricultural economic theory and agricultural production practice. Comprehensively understanding the scientific connotation of Marx's theory of the law of diminishing land fertility has extremely important theoretical and practical significance for reducing the blindness of land investment and improving the investment efficiency of land.展开更多
The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on fora...The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on forage grain market. Increase of sustainability of dairy production supposes development of adapted to new weather conditions technologies of forage production, which are characterized by different investment and current costs. It generates a need of economic evaluation and comparative analysis of technologies taking into account climate change forecast and need of sustainable forage production guarantee. Purpose of the research project is the development of approaches to assessing adaptive technologies in forage production, increasing of dairy farming sustainability to changes in the external environment, including climate change. We assessed changes in forage production technologies in the Leningrad region of Russia, analyzed the implications of these changes for production and financial performance of dairy farming, proposed and tested methods for determination of the optimum harvesting time of perennial grasses. Special attention is paid to the long-term effects of changing the structure of cows' diet--shortening the productive use of animals, which reduces the efficiency of dairy herd use and limits the possibility of expanded reproduction. The primary method of the study is the analysis of milk production statistics in the Leningrad region and the Russian Federation. As a result of the study, the necessity to improve the production and investment planning quality, as well as the use of forecasts during planning of dairy production, is grounded.展开更多
Knowing the level of efficiency of investment applied in ports of Mexico is relevant information for the design of port policies that contribute to its development and thus to greater freight movement. The objective o...Knowing the level of efficiency of investment applied in ports of Mexico is relevant information for the design of port policies that contribute to its development and thus to greater freight movement. The objective of this paper is to analyze the technical efficiency obtained from International Mexican Ports, through the use of the technique of Data Envelopment Analysis (DEA). It uses data regarding public and private investment in ports applied during the period 2000-2010 and its influence on the number of Twenty-foot Equivalent Unit (TEU). Because it has been applied the DEA-CCR (the linear programming model) model input oriented, thus not only the efficiency is calculated in ports, but benchmarking is also obtained to determine the efficient ports that serve as reference to those who were found to be inefficient. The results obtained showed that Manzanillo and Progreso were the most efficient ports. On the other hand, the ports that were not efficient for any of the years reviewed were Mazatlan and Lazaro Cardenas. Generally, public investment has been increasing over the period, and public policies are not designed to allow the ports to have an international projection.展开更多
基金supported by the State Grid Science and Technology Project (1300-202157362A-0-0-00).
文摘As an essential infrastructure,the rural power grid is vital in promoting agricultural and rural carbon sequestration and improving rural energy electrification.It is necessary to carry out in-depth research on its comprehensive efficiency.Based on the requirements of“double carbon”and rural revitalization strategy for the rural Power Grid,this paper focuses on the modernization and low-carbon transformation of the rural Power Grid.It constructs an input-output index system for the investment efficiency of the rural Power Grid in China under the new situation.It uses the primary data of the rural Power Grid of 30 prefecture-level cities in China from 2019 to 2021 to evaluate the investment efficiency of the rural Power Grid in China through a three-stage DEA model.The empirical results show that:considering the regional differences,the comprehensive efficiency of the rural Power Grid in backward areas is significantly improved;that is,the three-stage DEA method can more objectively evaluate the comprehensive efficiency of the rural Power Grid.In the context of the continued promotion of the rural revitalization strategy,to improve the comprehensive efficiency of the rural Power Grid,it is necessary to improve the technical level of the rural Power Grid further and appropriately expand the scale of investment in the rural Power Grid.
文摘Although investment is regarded as a key force of China’s economic growth, little study has been done to measure China’s investment efficiency. The present paper applies the data envelopment analysis (DEA) to Chinese provincial panel data from the year 2003 to 2008 for measuring the investment efficiencies and identifying their trends of Chinese 30 provinces and autonomous regions. A cross-efficient DEA model with considering benevolent formulation is used for providing accurate efficiency scores and completely ranking. The empirical results suggest that the differences of investment efficiency in different regions are distinct but tending to diminish year by year, and the investment efficiencies in some provinces are significantly correlated to their investment rates to the national total investment.
文摘Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.
文摘This paper is a revised and expanded version of a paper entitled “The static and dynamic criteria of building an investment asset portfolio” presented at International Conference on Applied Economics (ICOAE, 2014), Chania, 3-5 July 2014 and published at Procedia Economics and Finance, Volume 14, Pages 575-584 (2014) [1]. At the previous research, it showed the significance to go beyond the scope of selecting one or another metric of static efficiency. And the attention was paid to the dynamic efficiency criteria. The ICOAE 2015 research gives brief results of that work, which is only one of applied areas of polydimensional efficiency measurement model (PEMM). Research work on PEMM conceptual and methodical elaboration has been started in the author’s dissertation study [2] and continued in the practical activity and materialized in Innovative LLC (limited liability company) creating project. The research is concentrating on the real economic benefit of 3D PEMM (thee criterial PEMM version) implementation. In the first part of ICOAE 2015 empirical study, the dynamic component of 3D PEMM on the industrial level was tested. Next, the company economic profit changes and dynamic-market 3D PEMM components correlation was estimated. Finally, the economic benefit of 3D PEMM functional operationalization in the framework of management systems development was calculated.
文摘This paper studies the effect of earnings information quality and debt maturity structure and their interaction on investment efficiency. The results show that companies with higher earnings information have higher investment efficiency, and the quality of earnings information has increased investment efficiency by reducing the lack of investment and suppressing overinvestment. The companies with higher short-term debt ratio show higher investment efficiency. The results show that there is a certain substitution effect between the effect of earnings information quality and the maturity strueture of debt on the efficiency of investment.
文摘In the last four decades, there were several energy crises caused by various factors including peak oil production in majorindustrial nations where energy price increased due to shortage in supply. Back then, energy efficiency improvement was a big subjectto conserve energy. Today, over 80% of current energy needs are derived from fossil fuels, and with the low crude oil price of USD45per barrel there is no conservation incentive for energy users, However, climate change caused by already accelerated emission ofgreenhouse gases into the Earth's atmosphere would be aggravated by a combination of low oil prices and abundance of supply.Therefore, corporations should start energy efficiency campaigns for the purpose of combating climate change by reducing greenhousegas emissions especially for process plants with large energy consumption. The campaigns should include energy management, use ofhigh energy efficient equipment and systems that monitor and optimize the use of energy. Energy benchmarking exercises would helpto check and monitor energy efficiency performance level for continuous improvement.
文摘A major drawback of Mean-Variance and Stochastic Dominance investment criteria is that they may fail to determine dominance even in situations when all “reasonable” decision-makers would clearly prefer one alternative over another. Leshno and Levy [1] suggest Almost Stochastic Dominance (ASD) as a remedy. This paper develops algorithms for deriving the ASD efficient sets. Empirical application reveals that the improvement to the efficient sets implied by ASD is substantial (64% reduction for FSD). Direct expected utility maximization shows that investment portfolios excluded from the ASD efficient set would not have been chosen by any investors with reasonable preferences.
文摘The ESG score system is a fundamental component of the green financial system that is essential in promoting corporate environmental progress.In this work we investigate the micro-environmental impact of ESG scores using panel fixed effects models.We examine the processes underlying the influence of ESG scores on the performance of corporate green innovation as well as any potential inequalities in this impact under different moderating factors.To conduct our analysis we use data from Chinese-listed A-shares on the Shanghai and Shenzhen stock exchanges from 2010 to 2019.Our study demonstrates a relationship between corporate green innovation and ESG ratings indicating that higher ESG ratings assist businesses in achieving better green innovation results.This beneficial effect is evident both numerically and qualitatively and it continues to hold up even after being put through several demanding tests.Additionally we pinpoint two main ways that ESG encourages corporate green innovation by boosting government-enterprise ties and strengthening corporate investment efficiency.We also note that while business characteristics aligned with sustainability further enhance the favorable influence of ESG on green innovation performance characteristics linked to ecologically detrimental activities impede the contribution of ESG to green innovation.Our study adds to the body of knowledge already available on corporate environmental performance and green finance by offering empirical insights that can help enhance corporate environmental development and improve the ESG rating system.
文摘Retrofitting existing buildings has emerged as a primary strategy for reducing energy use and carbon emissions, both nationally and in cities. Despite the increasing awareness of retrofitting opportunities and a growing portfolio of successful case studies, little is known about the decision-making processes of building owners and asset managers with respect to energy efficiency investments. Specifically, the research presented here examines the effects of ownership type, tenant demand, and real estate market location on building energy retrofit decisions in the commercial office sector. This paper uses an original, detailed survey of asset managers of 763 office buildings in nineteen cities sampled from the CBRE, Inc. portfolio. Controlling for various building characteristics, the results demonstrate that ownership type and local market do, in fact, influence the retrofit decision.Overall, this analysis provides new evidence for the importance of understanding ownership type and the varying motivations of differing types of owners in building energy efficiency investment decisions. The findings of both the survey analysis and the predictive model demonstrate additional support for the targeting of energy efficiency incentives and outreach based on ownership entity, local market conditions, and specific physical building characteristics.
文摘Marx's theory of the law of diminishing land fertility is an indispensable part of Marx's theory of rent. Marx not only denied the non-scientific component of the theory, but also affirmed the scientific component of the theory. China's theoretical circles have held a total negative attitude towards the theory for a long term, which has brought serious consequences to research on agricultural economic theory and agricultural production practice. Comprehensively understanding the scientific connotation of Marx's theory of the law of diminishing land fertility has extremely important theoretical and practical significance for reducing the blindness of land investment and improving the investment efficiency of land.
文摘The increase of probability and depth of weather anomalies, which is important characteristic of climate change process, leads to higher risk of loss of perennial grasses forage yield, rise of price volatility on forage grain market. Increase of sustainability of dairy production supposes development of adapted to new weather conditions technologies of forage production, which are characterized by different investment and current costs. It generates a need of economic evaluation and comparative analysis of technologies taking into account climate change forecast and need of sustainable forage production guarantee. Purpose of the research project is the development of approaches to assessing adaptive technologies in forage production, increasing of dairy farming sustainability to changes in the external environment, including climate change. We assessed changes in forage production technologies in the Leningrad region of Russia, analyzed the implications of these changes for production and financial performance of dairy farming, proposed and tested methods for determination of the optimum harvesting time of perennial grasses. Special attention is paid to the long-term effects of changing the structure of cows' diet--shortening the productive use of animals, which reduces the efficiency of dairy herd use and limits the possibility of expanded reproduction. The primary method of the study is the analysis of milk production statistics in the Leningrad region and the Russian Federation. As a result of the study, the necessity to improve the production and investment planning quality, as well as the use of forecasts during planning of dairy production, is grounded.
文摘Knowing the level of efficiency of investment applied in ports of Mexico is relevant information for the design of port policies that contribute to its development and thus to greater freight movement. The objective of this paper is to analyze the technical efficiency obtained from International Mexican Ports, through the use of the technique of Data Envelopment Analysis (DEA). It uses data regarding public and private investment in ports applied during the period 2000-2010 and its influence on the number of Twenty-foot Equivalent Unit (TEU). Because it has been applied the DEA-CCR (the linear programming model) model input oriented, thus not only the efficiency is calculated in ports, but benchmarking is also obtained to determine the efficient ports that serve as reference to those who were found to be inefficient. The results obtained showed that Manzanillo and Progreso were the most efficient ports. On the other hand, the ports that were not efficient for any of the years reviewed were Mazatlan and Lazaro Cardenas. Generally, public investment has been increasing over the period, and public policies are not designed to allow the ports to have an international projection.