地方政府投融资平台信息披露问题研究

地方政府投融资平台在促进地方经济发展，推动城市化进程，应对国际金融危机等方面发挥了重要作用。但由于缺乏统一的管理，各地方政府投融资平台财务状况披露不公开、不透明，债务风险急剧扩大，引起了有关部门和专家学者的高度关注。各地方政府应将融资平台的各种信息，特别是债务情况，定期向主管部门报告，建立地方投融资平台信用评价方法，使得投融资平台朝着健康、良性的方向发展。     

UNCTAD's integrated programme for commodities: Economic implications and Europe's response

This paper discusses some major economic problems raised by proposals towards a new international commodity policy. The author analyses the economic implications of commodity price stabilization and price raising, and focuses on the questions of operationality of the IPC and on the alleged merits of a common financing of individual buffer stocks. He discusses financing schemes compensating for fluctuations of export earnings, and finally points to a number of areas in which Europe could make a constructive contribution to mitigate the commodity problem.     

Legal aspects of natural resource projects in the CIS

Foreign companies interested in natural resources ventures in republics of the Commonwealth of Independent States must contend with a legal, regulatory and tax environment that is particularly fluid. The approval process for joint ventures, production sharing and export agreements (particularly for natural resources) is complex. Legislation in most CIS countries falls short of adequately addressing investors' concerns or lacks clear guidance on many key issues, such as conditions under which a state enterprise can enter into new business arrangements under current privatization laws. Among other conditions that act as a constraint to investment projects are lack of a sufficiently convertible currency in each CIS country and complex regimes of currency regulation; the absence of financing techniques that are common in market economies (ie secured lending); the need to scrutinize the validity and enforceability of any locally available guarantees and a reluctance by financial institutions to participate in projects in CIS countries (often because they have considerable difficulty assessing the viability of projects). These problems demand an extraordinary commitment in terms of effort and perseverance from potential investors, as compared to projects in other areas of the world. This paper cites the key negotiating issues and transactions that need to be structured with care by a prudent investor.     

The World Bank and Petroleum Development in the Third World

The issues that arise between state sovereignty over natural resources and the desire of the State to finance the development of its petroleum resources from external sources are briefly examined. The problem is particularly acute for the least developed countries. It is suggested that financing obtained from international agencies such as the World Bank, may provide a means for such countries to maintain full sovereignty over their petroleum resources and at the same time obtain needed financing. To this end the petroleum lending activities of the World Bank are examined both in terms of policy and in terms of the financial resources available. A special lending facility to help underwrite financial risk of petroleum exploration in the least developed countries is proposed.     

Costs and benefits of commodity control

The author considers the international commodity agreement as an economic instrument, and discusses its benefits and costs with respect to price stabilization and the building-up of buffer stocks. The author asserts that there is a wide range of economic arguments that can be employed to support the case for price stabilization as a form of commodity control. However, he argues that price stabilization is not desirable in all cases, because each commodity market is unique, and there can be certain costs associated with stabilization, in addition to the beneficial aspects. The feasibility of private financing of a part of the costs of buffer stock and export quota operations is also     

The international natural rubber agreement 1979

The International Natural Rubber Agreement (INRA) 1979 is the first, and so far the only, commodity agreement to emerge from the negotiations under the Integrated Programme for Commodities (IPC). The agreement is examined in the context of the issues relating to international stock and as an indicator for future development. The author concludes that while the principle of joint responsibility for financing international stock has been for the first time accepted in INRA, this has been achieved at the cost of reducing the scope of the regulatory mechanism, and that the single-instrument pattern that the agreement has adopted may not be suitable or acceptable in other commodities.     

Mining investment promotion

Attitudes in developing countries with respect to private investment in natural resources have changed substantially in recent years. Countries must now compete for such investment by ensuring that policies pertaining to state participation, financing, marketing and taxation of mining ventures provide the investor with returns that are commensurate with the risks taken. Governments must also be prepared to help the investor compete on world markets through lower capital and operating costs. This entails granting exemptions of customs, excise and value added taxes as well as providing for policies on taxation, government participation, industrial relations, safety and environment, and procurement and personnel that are in line with international mining industry standards. Efforts to promote mining sector investment through the strengthening of technical ministries, preparation of basic geological and project information, investment symposia and an international mining council can be helpful in bringing opportunities to the attention of the investment community. But, these efforts can only succeed if the policy changes now being put into place continue to evolve and contribute to an atmosphere in which entrepreneurship and private investment can flourish.     

中国土壤修复与治理的投融资政策最新进展与展望

中国目前的土壤污染修复资金主要来源于政府财政性投资,融资渠道较为单一。《土壤污染防治行动计划》实施后,如何满足实现土壤污染修复与治理目标的投资需求是一个迫切需要解决的问题,充分创新发挥市场力量,建立长效的融资政策机制是核心内容。本文评估了中国土壤污染修复与治理投融资政策现状,识别了投融资面临的关键问题和挑战,提出了"十三五"时期中国土壤修复与治理的投融资机制建设的政策建议,为"十三五"时期中国土壤修复投融资模式创新提供管理技术支撑。     

A model of costs and resources for rural and peri-urban water supply and sanitation in the 1990s

This article develops a model of cost and financing strategies for rural and peri-urban water supply and sanitation. It suggests that significant progress towards the World Summit for Children's goal of universal access to water supply and sanitation can be made if a combination of strategies is adopted. On the cost side, significant cost reductions should be possible through efficiency in resource use and reduction of system management costs. On the financing side, it suggests restructuring the financing of the sector with improved efficiency and greater cost recovery in urban services; full recovery of operation and maintenance costs; cost sharing through community contributions in kind such as local labour and financially in rural and peri-urban water supply for basic levels of service depending on willingness and ability to pay and full cost recovery for higher levels of service; a high degree of cost recovery in rural and peri-urban sanitation; development of institutional structures for both collection and management of revenues; development of alternate financing mechanisms such as rural credit schemes and revolving funds, adapted in specific country contexts, including the required institutional mechanisms; and additional allocations from governments and external support agencies. Additional government or external financing alone, while critical, will not of itself lead to effectiveness in the use of resources. Equally, cost recovery alone cannot lead to universal access and sustainable solutions. A composite set of actions is needed within which building capacities of institutions and people is necessary for sustainability .     

Global risk, local values?: 'Risk society' and the greenhouse issue in Newcastle, Australia

Global environmental issues have permeated many disciplines over the last decade. Within the social sciences they have sparked a debate about the extent to which any 'ecological crisis' can be seen as symptomatic of deeper changes within modernity. The strength of such an explanation is examined in this paper with reference to the 'risk society' thesis advanced by Ulrich Beck and its applicability to the case of the greenhouse issue in Australia. Australia has received much international criticism for its 'differentiated' approach to the United Nations Framework Convention on Climate Change process. This paper examines how this approach has gained widespread currency within 'official' policy spheres through defining greenhouse risks in terms of the spatial and temporal referents of modernity: the individual; the nation-state; political and investment timetables. The possibility of alternative public understandings of greenhouse risks and responsibilities is examined through recent work undertaken in Newcastle, New South Wales, Australia. It is argued that these may represent very different interpretations of the greenhouse issue from those encountered within the 'official' policy sphere. However, without a greater recognition on the part of policy elites of the need to address an issue like greenhouse at a local scale and through public involvement, and institutions through which to do so, these interpretations will have little impact on the 'global' process of negotiating greenhouse outcomes.     

Building the role of local government authorities towards the achievement of the human right to water in rural Tanzania

In recent decades, many changes have occurred in the approach to financing and operating water services in developing countries. The demand‐responsive approach is now adopted in many countries in a context of donor‐supported decentralization processes, which gives more responsibility to end users. However, the government's responsibility at different levels is enforced by the international recognition of the human right to water. This paper examines specific actions that build the role of local government authorities in this scenario. A collaboration between an international NGO and a rural district in Tanzania from 2006 to 2009 is used as an action research case study that is representative of local capacity‐building needs in decentralized contexts and rural areas. Three main challenges were detected: i) lack of reliable information; ii) poor allocation of resources in terms of equity; and iii) lack of long‐term community management support from the district. Two mechanisms were established: i) water point mapping as a tool for information and planning; and ii) a District Water and Sanitation Unit Support (DWUS) for community management. The results show how the framework provided by the goal of human right to water helps to define useful strategies for equity‐oriented planning and post‐project support at the local level.     

气候投融资加速发展新生态研究

应对气候变化实现碳达峰、碳中和目标需要海量的资金投入并将为中国带来巨大的气候资金缺口,解决这一难题亟须大量的资金投入和高效的投融资手段。2020年以来我国气候投融资顶层文件相继出台,尽管气候投融资体系和试点工作的研究逐渐丰富,但是气候投融资理论研究仍然落后于地方和金融机构的相关实践。本文聚焦于气候投融资体系中存在的标准不统一、机制不灵活、信息不对称、数据不可靠等关键问题,梳理气候投融资加速发展所需的关键要素,讨论气候投融资加速发展的预期目标,提出一套结合数字科技应用的气候投融资加速发展新生态体系及其标准体系、技术体系、数据体系的构建方案,旨在引导和鼓励资金流向技术先进、示范创新、气候效益显著的绿色低碳项目,为气候投融资试点和“双碳”政策落地,提供理论支撑和政策参考。     

LIQUEFIED NATURAL GAS - SOME MYTHS DEBUNKED

With natural gas being flared in major producing countries in volumes that would more than satisfy the entire energy needs of developing Africa, world attention is focusing on ways of shipping this premium fuel from sources where it is in surplus to destinations where it is urgently needed. Development and successful operation of liquefied natural gas (LNG) systems provide the means for achieving the purpose. The author reviews six misconceptions that have caused energy planners to underestimate the potential of this new transportation mode. He concludes that, given the necessary financing, international LNG movements could reach some 18 billion cubic feet daily by 1985, representing a ten-fold jump in the traffic.     

“一带一路”绿色发展的战略实施框架

本研究认为推进实施绿色化"一带一路"战略是我国与沿线各国深化经济合作,展示负责任大国形象,规避环境风险,促进顺利实现"五通"的根本要求。同时,我国实施绿色化"一带一路"战略还面临着对外投资的环境管控制度不健全,"一带一路"沿线不少国家和地区生态环境脆弱,环境管理基础弱,以及沿线各国和地区发展阶段及环保诉求不同,区域合作平台与机制不完善等内外因素带来的挑战。本文结合我国实施"一带一路"战略的国际、国内形势研判,提出了推进"一带一路"绿色发展的战略框架,建议加快推进四项重点工作,包括强化绿色发展规划顶层设计,健全风险规制机制,构建对外投资行为调控机制,形成有效的"共通"保障机制。     

中小企业融资现状及对策探讨

融资困难始终是困扰中小企业发展的难题.从中小企业融资途径入手,系统地分析了中小企业融的问题,进而从企业方面、金融机构方面和政府三个角度提出相关的措施.     

关于《水污染防治法》修订中加强经济政策手段的思考

"十二五"以来,我国对水污染防治运用经济政策手段进行了积极探索。党和国家出台的政策文件、新修订的《中华人民共和国环境保护法》以及《水污染防治行动计划》等都对水污染防治经济政策手段的制定和实施提出了新的要求。因此,亟需在未来《水污染防治法》的修订过程中加强对相关经济政策手段的规定,给予相关手段明确的法律地位,充分发挥经济政策在水污染防治中的重要作用。为此,本文建议着眼于"十三五"及未来更长一段时期水环境质量改善以及水污染防治形势和突出问题,以推动构建和实施系统、协调和高效的水污染防治经济政策体系为目标,结合党和国家相关文件、法律、行动计划的最新要求,借鉴国际上通过立法保障水污染防治经济政策手段制定和实施的经验,重点从投融资政策、税费和价格政策、排污交易政策等三个方面对现行《水污染防治法》进行修订、补充和完善。具体建议包括:一是完善关于财政投入和融资渠道的相关规定,要求加大水污染防治财政投入和补贴力度、鼓励水污染防治第三方治理方式和PPP模式以及建立流域上下游(跨界)生态补偿机制等;二是完善对于环境税(费)和其他价格机制的相关规定,增加关于环境保护税的说明等;三是增加逐步推行重点水污染物排污权交易的条款等。     

Eco-investing: Financing sustainable economic development

Many Canadian communities are facing resource depletion and high unemployment as a result of a model of economic development which has consistently promoted large capital-intensive, resource-based companies. A new model of sustainable community development is required which incorporates ecological, economic and social concerns. One aspect of sustainable community development is the use and promotion of locally-based and controlled financing mechanisms, including community loan funds, community bonds, and peer lending circles providing micro-credit. Widely successful across the USA and Canada, these 'alternative' financing mechanisms use local control and a proximity to local ecosystems to foster small businesses which are less resource-intensive and create long-term jobs within communities. Improving these financing tools through broader government facilitation of them as innovative public policy instruments, and the incorporation of specific ecological lending and investment screens, could dramatically further the development of healthy communities.     

Addressing Declining Appropriations for Bureau of Reclamation Infrastructure: Policies Needed for Enabling Private Finance

Western water infrastructure was funded in the early and mid‐20th Century through federal financing through the Bureau of Reclamation. Over the past 30 years, federal financing has been less forthcoming, which has been commensurate with an increase in the need for financing rehabilitation and replacement of western irrigation infrastructure. As federal appropriations have declined, there has been increased interest in alternative approaches to infrastructure including public–private partnerships (P3s), loan guarantees, or title transfer of federal infrastructure. However, two of these approaches — P3s and loan guarantees — are precluded by existing federal budgetary policies, particularly Office of Management and Budget (OMB) scoring practices. If the OMB changed its policies for P3s or loan guarantees, private capital could play an important role in recapitalizing aging Reclamation infrastructure.     

我国上市公司资产负债率偏低的原因解析

我国上市公司的资产负债率大大低于美英等七国的平均水平,具有很强的股权融资偏好。形成这种状况的原因有政策方面、融资成本原因和公司治理结构方面等。股权融资偏好能够带来很大的金融风险。     

Financing water supply and sanitation under Agenda 21

This paper assesses the financing challenges which have to be met by developing countries if water resources are to be managed efficiently, if the quality of the aquatic environment is to be improved and if water related services are to be delivered in a responsive, efficient and equitable way. This paper takes the view that attaching 'price tags' to water supply and sanitation, as was tentatively done in Agenda 21, is a misguided approach and that what is needed is articulation of clear principles which should underpin the financing of water supply and sanitation investments. To illustrate the approach the paper focuses heavily on experiences from World Bank water supply, sanitation and urban development projects over the past 30 years. The challenge is to develop appropriate institutional and financial arrangements. The essence of such arrangements is that they ensure that societies mobilize appropriate levels of resources for providing water related environmental services and that these resources are used in the most efficient and effective way possible .