Capital allowance schemes for mining projects in LDCs

The capital allowance structure for mining projects in developing countries affects the supply price of investment by determining the payback period, reinvestment and the timing of government receipts. Using the capital allowance structures of Sierra Leone, Tanzania, Zambia, Botswana, Papua New Guinea and Malaysia, the article develops a financial model and examines the effect of capital allowances on foreign investor and host government cash flows under various cost-price conditions. The study stresses the importance to governments of making accelerated depreciation a flexible tool to trade off against other elements in the fiscal package. From the government viewpoint, faster write-offs of capital are preferable to a tax holiday. The article places particular emphasis on evaluating the relationship between capital allowances, income tax and a rent resource tax.     

财政自主能力与碳经济绩效：产业结构升级的中介效应

本文基于1997-2016年中国省级动态面板数据,从产业结构升级视角实证分析了区域财政自主能力作用于碳经济绩效的影响机理。研究发现：产业结构升级在财政自主能力影响碳经济绩效中发挥了中介效应;在高分权地区,财政自主能力能够通过产业结构升级促进碳经济绩效的增长;在低分权地区,财政自主能力会抑制产业结构升级并对碳经济绩效产生不利影响。进一步研究发现,在非农产业占比与非国有企业占比较高的省（区、市）域,财政自主能力能够通过产业结构升级对碳经济绩效产生更强的促进作用。本研究结论能够对地方政府从自身财政自主能力推动产业结构升级,为实现区域经济增长和环境优化的协同发展的政策制定提供理论指导。     

Government fiscal strategy for mining to 2000

World Bank studies predict little or no change in mineral demand in the 1990s, and also an extended period, in real terms, of low mineral prices. In such a climate the fiscal strategy of government needs to be one which emphasizes revenue sources which are independent of mineral prices. In the 1970s, rising prices made fiscal regimes which capture economic rents attractive. In the 1990s, royalties and other duties which are dependent on the level of production and would also take advantage of any short boom in mineral prices would seem to be the best fiscal regime for a government to follow.     

生态环境导向的开发(EOD)投融资模式创新需求

生态环境导向的开发模式是解决传统生态治理项目公益性强而经济效益较差的重要手段。本研究总结了“EOD+PPP”模式、投资人+EPC模式、ABO模式、政府专项债券和创新型贷款模式等五项模式的特点与应用案例,并从地方政府支出角度剖析了各种模式的适用条件。本文认为,当前 EOD模式的运行难点包括:产业培育周期较长,投资回报不确定性较大;开发存在诸多风险因素,缺少标准化制度体系;金融机构缺乏积极性,配套投融资考评体系建设不足。最后提出 EOD模式创新的政策建议,通过关联产业一体化实施、协同生态价值实现机制、强化风险管控评估、规范应用投融资模式为完善EOD投融资模式创新提供思路。     

国家公园领域财政事权划分改革研究

随着自然保护地的整合优化和财政体制改革的深入推进,对国家公园领域财政事权和支出责任进行明确划分、界定,对于建立健全国家公园领域资金保障机制具有重要意义,有助于建立政府间权责明晰、协同有序的国家公园治理体系。本文在梳理我国国家公园领域财政事权清单、分析财政支出责任划分现状及存在问题的基础上,根据中央有关国家公园事权的文件以及部门机构职责、中央和地方财政关系的制度特点,提出我国国家公园领域政府间财政事权和支出责任划分的总体思路与政策建议,为建立以国家公园为主体的自然保护地体系提供决策参考。     

Trends in foreign investment : Agreements in the resources industry

Recent agreements between host country governments and foreign investors in the resource industries reflect an effort to meet the objectives of both parties. In some cases majority government ownership is combined with management control and the right of veto on certain policy questions by the foreign investor. Imaginative tax formulas are built into agreements that combine the principle of excess profits taxes with that of a minimum DCF rate of return. Expropriation risk is being limited by employing a high debt-equity ratio. Foreign investors are agreeing to programmes and policies that promote host country economic and social development, while host country governments are quaranteeing foreign investors against changes in laws that would affect their profits.     

旅游产业财政补贴、社会责任与经济绩效——来自中国A股旅游上市公司的经验证据

从国家和旅游企业自身的角度出发,构建了社会、政府和员工三方面的社会责任评价指标体系,以A股19家旅游上市公司连续6年的数据为样本,对财政补贴、旅游企业社会责任和经济效益三者之间的关系进行了实证分析.实证结果表明,国家财政补贴可有效地激励旅游企业吸纳就业人员,但对员工福利水平的影响不明显,员工的福利水平长期被忽视.此外,基于企业履行社会责任视角,旅游企业主动履行社会责任需要付出一定的经济成本.因此,国家应继续加大对旅游业的财政补贴力度以达到缓解社会就业压力的目的;旅游企业应当积极地与政府、员工、社会建立良好的社会关系网络,重视员工的福利水平.     

Petroleum exploitation and contract terms in developing countries after the oil price collapse

In resource taxation the critical fiscal requirement is a scheme which performs the twin functions of ensuring that projects which are viable on a pre-tax basis remain so post-tax, and that the host government obtains a reasonable share of the economic rent. Royalty, income tax, production-sharing and the resource rent tax are examined in the light of their efficiency at meeting these two criteria. The resource rent tax is probably the most appropriate fiscal instrument because this tax permits a threshold rate of return to be earned before the tax becomes payable. One drawback is that during the early years of a project the host government may receive little or no revenue. An advance resource rent tax can be used to eliminate this shortcoming. A further problem is the disincentive to exploration which can be produced.     

Planning for Water Quality: Implementation of the NPDES Phase II Stormwater Program in California and Kansas

In the United States, the federal government is increasingly relying on local governments to implement policies that address the nation's lingering environmental problems. Yet, little is known about the factors that influence local level implementation of a federal mandate. This paper explores local government response to the NPDES Phase II Stormwater Program in California and Kansas by investigating local conditions, perceptions of the federal program, and implementer characteristics. The study found that fiscal resources, a well-educated public, positive perceptions of the federal policy, and co-operative planning efforts lead to better compliance with the mandate and a higher quality response.     

政府环保类引导基金的运行管理模式研究

本文基于国内已有的相关政府引导基金和环保基金的运行管理模式,经分析和比较提出适合中央和地方层面环保类引导基金的运行管理模式。除了要符合基金运作的一般规律,本文认为中央层面设立政府环保类引导基金适合契约制形式,引导基金内只有中央财政出资,按照母基金参股子基金的方式来运作,同时达到撬动社会资本和引入先进基金管理公司的目的;地方层面设立相应基金适合采用有限合伙制形式,直接吸引社会资本与政府共同建立引导基金,投资方式以直接投资为主、参股子基金为辅,可以发挥金融机构的融资优势和环保类专业机构的技术和经验优势。     

水污染防治领域PPP项目投资回报机制设计

在国家相关政策的支持引导下,采用政府和社会资本合作(PPP)模式实施的水污染防治项目逐渐增多。合理的投资回报是社会资本参与PPP项目的关键所在。本文通过对水污染防治项目特点、不同付费方式及适用条件进行分析,对投资回报的内在机理进行了分析,提出水污染防治PPP项目投资回报机制设计原则,包括应符合市场配置特点,充分考虑项目风险影响,确保社会资本"盈利但不暴利"、以政府财政承受能力为底线、不以保底承诺、固定回报变相融资。在此基础上,从投资回报是社会资本方服务绩效的对价、合理设计保底需求和超额收益分享机制、合理设计服务价格及调整机制、合理拓宽可行性缺口补助投资回报方式等方面对投资回报机制要点进行了探讨,以期为同类项目的实施提供参考。     

国际投资风险防范分析与策略

国际投风险的防范是国际投资中一个十分重要的问题。本文分析了国际投资风险的内涵，论述了国际投资风险分析的主要内容，指出了国际投资风险防范的基本策略和投资者风险自我防范策略。     

Investor demand and spot commodity prices: Reply

In a recent article (Tilton et al., 2011), we argue that even when investor stocks are declining an increase in investor demand can cause a commodity's price to rise, a conclusion that is both contrary to conventional wisdom and counter-intuitive. In his comment on our article, Olle Östensson (2011) challenges this finding. After assessing his concerns in this reply, we maintain that our original finding is valid: investor demand can be driving commodity prices higher even when investor stocks are falling.     

美国联邦财政环保支出经验借鉴

为应对当前环境保护工作所处的新阶段、新形势、新任务,在分析美国联邦财政环保支出特征的基础上,从加大环保专项资金投入、提高环境科技支出占比、强化重点领域环保支出、注重建立环保基金等方面,提出优化我国中央财政环保支出可供借鉴的四点经验。     

Green Houses for the Growth Region

The new housing growth programme planned for England and Wales between now and 2016 could provide the government with an opportunity to build housing to significantly higher environmental performance (EP) standards. Equally, if the government continues with its current strategy a great opportunity could be missed. This paper considers and critically analyses the government's approach to ensuring higher EP standards in new housing. Using Greenwich Millennium Village as a case study it assesses the likely outcomes of the approach. It suggests how regulation, fiscal incentives and educational programmes could help to deliver better EP amongst housing and households in the growth region.     

Investor demand and spot commodity prices

The on-going debate over the influence of investor demand on spot commodity prices largely attempts to assess this influence by measuring the growth in investor demand in recent years. Given the serious data problems that plague such analyses, this article pursues another approach in the hope of providing useful insights into the impact of investor demand on spot commodity prices. It focuses on the mechanisms by which investor demand affects spot prices, and in particular on two questions. First, how does an increase in investor demand on the futures markets affect the spot market and spot price? Second, when investor demand is increasing and pushing a commodity's price up, do physical stocks of the commodity also have to be rising, as economists and others widely assume?On the first question, the article concludes that a surge in investor demand raising prices on the futures markets will have a direct and comparable effect on the spot market prices when these markets are in strong contango. However, when markets are in weak contango or backwardation, price movements in the futures markets have a much looser effect on spot prices. As a result, changes in investor demand on the futures markets may have little or no influence on spot prices in the absence of a strong contango. Instead, changes in fundamentals (that is, producer supply and consumer demand) and possibly changes in investor demand taking place directly on the spot market largely determine the spot price at such times.On the second question, the article shows that investor demand can be pushing up a commodity's price even when investor stocks are falling, despite the widespread presumption to the contrary.     

The environment of the mining industry: An industry view

Finance and investment, technological development, government legislation and fiscal policies, public attitudes and aboriginal lands, are among the major issues confronting the Australian minerals industry. Within this context the author discusses the significance of the industry to the Australian economy and assesses its potential.     

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.     

Reply: Investor demand and spot commodity prices

In a recent article (Tilton, Humphreys, and Radetzki, 2011), Tilton et al. argue that even when investor stocks are declining an increase in investor demand can cause a commodity's price to rise. They contend that this conclusion, which is based on two hypothetical examples, is both contrary to conventional wisdom and counter-intuitive. In my comment on the article (Olle Östensson, 2011), I challenged this finding. In a reply to my article, Tilton et al. maintain that their original finding is valid: investor demand can be driving commodity prices higher even when stocks are falling. In my present reply, I contend that their argument with respect to the first example confuses the actions of a minority of investors with those of all investors and is well accommodated within the framework of traditional theory. I further argue that their second example rests on an assumption regarding investor behavior that is unproven and that in any case falls outside the framework of analysis of futures markets.     

Economics of Energy Conservation in Developing Countries and Analysis of Investment Incentives

This paper analyzes the economics of energy conservation in developing countries, compares the cost of energy conservation with the cost of enhancing domestic energy supply, and examines the effect of government investment incentive policies on the financial feasibility of energy conservation projects. A representative sample of 21 projects from six Indian industries shows that investing in energy conservation is more economical to a country than investing in domestic energy supply. Moreover, the nature of the conservation effort, i.e. housekeeping improvements, waste heat recovery or process change, is more important in determining the economics of energy conservation than is the type of industry. Analysis of government investment incentives shows that most of them are effective in making uneconomical energy conservation projects financially feasible and that the most effective incentive for the private investor to invest in energy conservation is the removal of fuel subsidies.