Study on Comprehensive Efficiency Evaluation of Rural Power Grid under Rural Revitalization Strategy Considering Regional Differences

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.

Evaluate the Investment Efficiency by Using Data Envelopment Analysis: The Case of China

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.

基于超效率DEA与Malmquist模型的河南省城投公司运营效率评价研究

由地方政府设立和资助的城投公司在我国城市基础设施建设中发挥着重要作用.基于河南省69家城投公司的财务数据,选取适当的投入和产出指标,运用超效率DEA与Malmquist指数模型,对2016-2022年河南省城投公司的营运效率分别进行了静态和动态评价.结果表明,近年来河南省城投公司的经营效率较高,均值达到了0.936,但达到有效水平的企业较少,占比仅有15%,Malmquist指数分析结果显示,2016-2022年河南省城投公司全要素生产率趋势向好,各项指数均值均大于1,而且新冠疫情防控期间河南省城投公司的融资环境不仅进一步向好,城投行业也迎来“结构性利好”.最后,根据实证分析的结果,对河南省城投公司提高营运效率、实现市场化转型,提出相关政策建议.

Research on the Relationship Between Financial Redundancy, Financing Constraints and Investment Efficiency in Manufacturing Listed Companies

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.

Economic Benefit Estimating of Polydimensional Efficiency Measurement Model Implementation

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.

Earnings information quality, debt maturity structure and investment efficiency

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.

Placing Energy Efficiency at the Forefront of CorporateStrategy

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.

基于DEA-Malmquist指数的中国对RCEP伙伴国直接投资效率评价

RCEP是中国对外签署的第19个自贸协定,也是中国参与的经济体量和影响力最大的自贸区,其将为中国经济双循环新发展格局的构建提供重要平台。聚焦中国对RCEP伙伴国直接投资的效率评价问题,基于动态DEA方法,在RCEP框架内从多维度实证分析了2009—2020年中国对14个RCEP伙伴国家OFDI效率。结果显示:由于发展水平差异,中国对RCEP伙伴国的直接投资效率国别间差异较为明显;从整体来看,中国对RCEP伙伴国直接投资处于规模报酬递增阶段;从Malmquist指数分解上看,中国对14个RCEP伙伴国投资全要素生产率指数(Tfpch)呈波动式上升趋势,说明投资对于技术进步有显著促进作用。针对实证结论,提出了提升区域投资自由化水平、优化直接投资的区位选择、拓展与伙伴国间经贸合作新领域,以及增强中国企业在供应链、产业链的核心竞争力等建议。

ESG表现、融资效率与研发投入--基于战略性新兴企业的经验证据

战略性新兴产业在现代产业体系中一直处于核心地位,对形成和发展新质生产力起着重要的推动作用。文章以2012-2022年战略性新兴企业数据为样本,借助超效率SBM模型测算了企业融资效率值,实证检验了融资效率与企业研发投入之间以及加入ESG表现后的作用效应和内在机理。研究发现:融资效率的提升能显著增强战略性新兴企业的研发投入力度;ESG表现能强化融资效率与研发投入间的正向作用;融资效率对战略性新兴企业研发投入的影响存在ESG表现的双重门槛效应,即随着ESG表现的提升存在“边际效应”非线性递增特征;机制研究结果显示,融资效率的提升能通过减少真实盈余管理、缓解非效率投资问题推动企业进行研发投入。

ESG投资、机构投资者持股与实体投资效率

提高企业实体投资效率是经济高质量发展的重要内涵。近年来,随着可持续发展和绿色发展理念深入人心,ESG投资对企业实体投资效率的影响受到越来越多的关注。以2009—2021年沪深A股2710家上市企业为样本,通过实证检验ESG投资对企业实体投资效率产生的影响以及机构投资者持股发挥的调节作用。研究结果发现:ESG投资对企业实体投资效率的作用呈U型,机构投资者持股对二者关系具有负向调节效应。进一步研究还发现,机构投资者的异质性会影响其发挥的作用,独立型机构投资者具有正向调节作用,而非独立型机构投资者具有负向调节效应;相比于交易型机构投资者,稳定型机构投资者更能够发挥正向调节效应。这一研究结果为企业持续践行ESG投资,提高企业实体投资效率,推动经济高质量发展提供了经验证据;能够丰富机构投资者治理效应的研究,有利于机构投资者加强自身建设、转变发展理念;对政府部门健全ESG建设的相关政策和制度、加强对机构投资者的培育,具有一定的启示作用。

影响券商效率的因素与机制:基于一个扩展SCP框架的实证研究

本文通过构建一个扩展的“结构-行为-绩效(SCP)”框架分析了影响券商效率的因素与机制,并使用中国证券公司2017—2021年数据对其进行实证检验。结果显示:证券业的市场集中度对券商的效率具有显著的负向抑制作用,券商的市场影响力和金融科技投入均对其效率有显著的促进作用;金融科技投入在市场影响力对效率的正向作用中起到了中介作用,即券商的市场影响力会促进金融科技投资,金融科技投资的增加会进一步提升券商效率。与国有证券公司相比,非国有企业的市场力量和金融科技投入对效率具有更强的促进作用,并且中介效应更加明显;在大规模企业中,市场力量对券商效率发挥着更强的促进作用,而金融科技投入在中小规模企业中发挥的作用更加明显,并呈现出显著的中介效应。

Almost Stochastic Dominance and Efficient Investment Sets

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.

Do ESG Scores in Corporations Improve Green Innovation Empirical Evidence from Listed Chinese Companies

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.

ESG表现、投资效率与企业全要素生产率

随着可持续发展理念的不断深入和新质生产力发展需求的日益紧迫,探讨ESG与企业全要素生产率间的关系具有重要意义。基于2010—2022年A股上市公司的数据,考察ESG表现对企业全要素生产率的影响及其机制。结果显示:良好的ESG表现有利于提升企业全要素生产率;ESG表现通过改善投资效率,即减少投资过度或投资不足来提升企业全要素生产率;ESG表现对企业全要素生产率的提升作用在成长性好、重污染行业企业和市场化水平高的企业中更明显;相较于公司治理表现,环境表现和社会责任表现对企业全要素生产率的影响更强。为推动我国ESG的发展,应当构建跨部门的协调机制、统一ESG信息披露标准、规范ESG信息披露管理和完善ESG考核评价的奖惩机制。

安徽省农村基础设施投资效率研究--基于超效率SBM和Malmquist指数模型

农村基础设施建设是实现乡村振兴战略目标的必要条件。为了探讨安徽省农村基础设施投资效率,促进资源合理配置,研究基于静态超效率SBM和动态Malmquist指数模型,对安徽省农村基础设施投资效率进行了定量探究。结果表明:农村基础设施投资总体水平为0.760,未达到DEA有效,但整体呈上升趋势;各地市综合技术效率水平不高,且差异显著;此外,农村基础设施投资全要素生产率年均增幅为4.5%,偏向于技术进步的单轨驱动模式;全要素生产率的梯度特征较为明显:皖南>皖中>皖北地区。基于评价结果,提出了优化基础设施投资结构、增强技术创新能力等优化建议。

Modeling the energy retrofit decision in commercial office buildings

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.

Comment on Marx's Theory of the Law of Diminishing Land Fertility

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.

Improvement of Forage Production Sustainability in the Leningrad Region under Climate Change

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.

中小企业绿色投资效率测度及动态研究——基于非期望产出的SBM-Malmquist模型

以2020~2021年中小企业为研究对象,按照样本企业排放污染物种类的不同划分为3组:①同时排放水污染类和大气污染类污染物;②只排放水污染物类污染物;③只排放大气污染物类污染物。使用非期望产出SBM-DEA模型和Malmquist指数分别从静态和动态两个角度测度样本企业绿色投资效率,结果发现:从静态角度看,3个样本组中小企业绿色投资效率均处于低下状态,反映出目前中小企业在污染防治方面资源分配较为低效。从动态角度看,绿色投资效率总体上呈上升趋势,通过对GML指数进一步分解,发现技术进步为实现中小企业绿色投资效率增长的主要原因。进而提出了相关建议:政府应加强对中小企业监管,严格落实污染物排放和环保标准,刺激中小企业加大绿色投资力度和规模;企业管理者要注意绿色投资资源均衡分配利用,加大绿色投资力度,提高环保意识;加强政府与企业的污染协同治理,政府要因地制宜,鼓励企业自主研发,提高技术创新能力和水平,实现各类污染物防治技术稳步提升。

Public and Private Investment in the Port Sector in Mexico, 2000-2010： A Study Through Data Envelopment Analysis

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.